1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
sladkih [1.3K]
2 years ago
13

Tim and Janet were divorced. Their only marital property was a personal residence with a value of $120,000 and cost of $50,000.

Under the terms of the divorce agreement, Janet would receive the house and Janet would pay Tim $15,000 each year for 5 years, or until Tim's death, whichever should occur first. Tim and Janet lived apart when the payments were made to Tim. The divorce agreement did not contain the word "alimony."
Choose one answer:
a. Tim must recognize a $35,000 [$60,000 - 1/2($50,000)] gain on the sale of his interest in the house.
b. Tim does not recognize any income from the above transactions.
c. Janet is not allowed any alimony deductions.
d. Janet is allowed to deduct $15,000 each year for alimony paid.
e. None of these.
Business
1 answer:
guajiro [1.7K]2 years ago
8 0

Answer:

d. Janet is allowed to deduct $15,000 each year for alimony paid

Explanation:

Based on the information given we were told that based on terms of the divorce agreement between the husband and the wife which is Tim and Janet, Janet would be the one to receive the house which is their only marital property in which she would as well pay Tim the amount of $15,000 each year for 5 years which means that since the term of their divorce agreement did not contain the word "ALIMONY" which simply means the ability of either the husband or the wife to make provision for either of them after a seperation or divorce has occurred between both, Janet will be allowed to deduct the amount of $15,000 each year for alimony paid because the term of the divorce agreement between Janet and Tim does not include the word ALIMONY.

You might be interested in
Rockwood International needs to make risky decisions on a daily basis. Therefore, its managers are likely to
gizmo_the_mogwai [7]

Answer:

Centralize decision making

Explanation:

From the question we are informed about Rockwood International who needs to make risky decisions on a daily basis. Therefore, its managers are likely to Centralize decision making.

Centralization can be regarded as setup whereby decision-making powers are been concentrated or given to few leaders that are on top of the organizational structure. Decisions making are been carried out at the top then communicated to lower-level managers so that implementation can take place.

5 0
2 years ago
A stock has a beta of 1.3 and an expected return of 12.8 percent. a risk-free asset currently earns 4.3 percent.
BigorU [14]
The expected return on this portfolio will be given by:
E[P]=Rf+(E[Rm]-Rf)β
Where:
Rf=Risk Free interest rate
Rm=Return on the market portfolio
β= Market Beta
The return on our portfolio will be:
E[p]=0.043+(0.128-0.043)0.013
=0.043+0.085*0.013
=0.044105
=4.4105%
6 0
3 years ago
Robert is a single taxpayer who has AGI of $145,000 in 2019; his taxable income is $122,000. What is his federal tax liability f
PolarNik [594]

Answer:

His tax liability for 2019 (due April 2020) is $23,359.50

Explanation:

Since Robert s a single filer, he falls under the fourth tax bracket: income between $84,201 to $160,725. His marginal tax rate is 24%, and his total taxes due are as following:

<u>tax rate</u>         <u>earnings</u>                          <u>taxes due</u>

10%            $0 – $9,875                        $987,50

12%         $9,875 – $40,125                  $3,630

22%        $40,126 – $85,525                $9,988

24%        $85,526 – $122,000              $8,754

                    total                              $23,359.50      

*Option C is the closest one, but it used the 2018 tax brackets, not the 2019.

7 0
3 years ago
Carl Carpenter buys a drill press. The price, including tax, is $725.00. He finances the drill press over 24 months after making
netineya [11]
First calculate the amount financed
Amount financed=725−50=675

The formula is
I=(2yc)/(m (n+1))
Solve for c to get
C=(I×m×(n+1))/2y
C=(0.14×675×(24+1))÷(2×12)=98.44

Total of payments=675+98.44=773.44

Monthly payment is
773.44÷24=32.23

Hope it helps!

7 0
3 years ago
Read 2 more answers
Franklin designs purchased the patent of a new couch design. the patent had a remaining life of 18 years, so franklin amortized
lys-0071 [83]
<span>If amortisation expenses are spread over 18 years rather than 6 years, amortisation expenses will be lower than they should be. This will cause an increase in net income. In addition, because less of the cost has been expensed, the remaining value of the patent will be too high, thus overstating assets.</span>
6 0
3 years ago
Other questions:
  • You have a list of european stocks that are priced in euros. where can you go to format the prices in euros in excel?
    5·1 answer
  • What is VISA? Is it a bank?
    15·1 answer
  • The following information pertains to Eagle Co.'s Year 5 sales: Cash Sales Gross $ 80,000 Returns and allowances 4,000 Credit sa
    7·1 answer
  • Koehn Corporation accounts for its investment in the ordinary shares of Sells Company under the equity method. Koehn Corporation
    9·1 answer
  • Start and explain five importance of HRM​
    6·1 answer
  • Choose the option that best matches the description given.
    7·2 answers
  • Which of the marks of good leadership do you feel is the most important? (Take your time)
    5·1 answer
  • Consumer surplus is Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a posi
    15·1 answer
  • A ___________ enables you to view data from a table based on a specific criteria
    5·1 answer
  • A shift in a ppc/ppf to the______________ illustrates growth which may be generated by better utilizing existing resources (impr
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!