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tamaranim1 [39]
3 years ago
15

Hank has a 32% marginal tax rate and has already recognized a STCL of $8,000 and a L TCG of $5,000, both due to the sale of stoc

k. He is considering the sale of an antique clock held for investment that would result in a $7,000 L TCG. What is the increase in his tax liability if he goes ahead with the proposed transaction this year
Business
1 answer:
Ivenika [448]3 years ago
6 0

Answer:

The increase in his tax liability is $1,120

Explanation:

STCL due to sale of stock = $8,000

LTCG due to sale of stock = $5,000

∴Net STCL = $8,000 - $5,000

 Net STCL = $3,000

LTCG on sale of antique clock = $7,000

∴Net LTCG on sale of antique = $7,000 - $3,000 = $4,000

LTCG on sale of antiques is taxed at the rate of 28%

∴ Tax liability = $4,000 * 28%

  Tax liability = $4,000 * 0.28

  Tax liability = $1,120

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3 years ago
When reviewing Form 13614-C, you see the "Interest" question is marked "Yes" and the taxpayer gives you a Form 1099-INT. You sho
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True

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Which law most likely prompted organizations to create codes of ethics and install ethics hotlines?
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Answer:

B) Federal Sentencing Guidelines for Organizations Act.

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7 0
3 years ago
Clark Company produces flash drives for computers, which it sells for $20 each. Each flash drive costs $12 of variable costs to
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Answer:

contribution margin ratio= 0.4

Explanation:

Giving the following information:

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3 0
3 years ago
In January 2016​, currency held by individuals and businesses and​ traveler's checks was ​$1,347 ​billion; checkable deposits ow
Zielflug [23.3K]

Answer:

M_1 = $3111

M_2 = $12409

Explanation:

    Given data:

Amount of currency held  =  $1347 billion

checkable deposit $1347 billion

saving deposit $8189 billion

small time deposit $400 billion

market fund $709 billion

Saving deposit in the form M2 and M1

M_1 =  currency held as individual and traveller check +  checkable deposit

       = $1347 + $1764

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M_2 = M_1 +  saving deposit _ time deposit + maket funds

       = $3111 + $8189 + $400 + $709

M_2 = $12409

3 0
3 years ago
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