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stich3 [128]
3 years ago
15

Kate is an accrual basis, calendar-year taxpayer. On November 1, 2019, Kate leased out a building for $4,500 a month. On that da

y Kate received 7 months rental income on the building, a total of $31,500 ($4,500 × 7 months). How much income must Kate include on her 2019 tax return as a result of this transaction?
Business
1 answer:
katrin2010 [14]3 years ago
4 0

Answer:

$31,500

Explanation:

On November 1, 2019, Kate leased out a buliding for $4,500 per month.

On the same day( November 1, 2019) she received seven months payment for the building. Which means she received $31,500 (4,500* 7 months).

Accural taxpayers must be able to include all amount they are to receive for payments of services, once they earn it.

Since Kate is an accural taxpayer, and she receive the $31,500 payment on November 1, 2019, she must include the whole $31,500 on her 2019 tax return as a result of this transaction.

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According to the Federal Housing Finance Board, the mean price of a single-family home two years ago was $299,500. A real estate
Tems11 [23]

Answer: A.There is sufficient evidence to conclude that the mean price of a single-family home has increased from its level two years ago of $299,500

Explanation:

From the question, we are informed that according to the Federal Housing Finance Board, the mean price of a single-family home two years ago was $299,500 and that a real estate broker believes that due to recent credit crunch, the mean price has increased since then and the result is that the null hypothesis is not rejected.

The conclusion based on the results of the test is that since the null hypothesis has been rejected, it simply means that there are sufficient evidence that there has been an increase in the mean price since two years ago.

Therefore, option A is the correct answer.

3 0
3 years ago
Catamount Company had current and accumulated E&P of $500,000 at December 31, 20X3. On December 31, the company made a distr
lapo4ka [179]

Answer:

D. No loss recognized and a reduction in E&P of $200,000

Explanation:

Given that:

  • Current and accumulated E&P : $500,000
  • A distribution of land to its sole shareholder: $200,000
  • E&P basis to Catamount :  $250,000

From that, we can see that the current and accumulated E&P is greater than its distribution of land so no loss would be reported so there will be reduction in earning and profits of the company of $200,000.

Hope it will find you well.

5 0
3 years ago
Legal Forces Legal forces are important external forces that international managers need to understand. They are developed at th
torisob [31]

Answer:

1. per se application

U.S. Competition Law

This law checks whether certain parts of a contract or agreement have violated US antitrust laws.

2. Misuse of activity

EU Competition Law

This is part of the European Union's competition law that prohibits the use of activity to try to gain unfair advantges.

3. Extraterritoriality

US and EU

This is a provision in both US and EU anti-competition and anti-trust laws that states that the activities of foreign companies fall under the law if these activities influence the people within the jurisdiction of the US or the EU.

4. Trade obstacle, nontariff

France

These are a part of the French system.

5. Strict liability

U.S. Tort Law

A concept in US Tort law that states that a person is liable for an offence they committed and their state of mind or intent when they committed said offence is irrelevant.

6. Punitive damages

U.S. Product Liability Law

A concept in the US that allows for the extra punishment of the party in the wrong to dissuade others from doing so and to reward the party in the right more justly.

4 0
3 years ago
______ allows you to earn money while caring for your own children.
aleksley [76]
A family day care allows you to make money while caring for your own children
7 0
3 years ago
Read 2 more answers
Crystal corporation makes $2,000 payments every month for leasing office equipment. crystal recorded a lease payment as follows:
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<span>Crystal corporation makes $2,000 payments every month for leasing office equipment. Crystal recorded a lease payment as an operating lease.

An operating lease is a lease that is commonly used for a short term basis and asset. The operating lease payment is found on the financial statement. 
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4 0
3 years ago
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