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
Nutka1998 [239]
3 years ago
15

This year, Randy paid $29,650 of interest on his residence. (Randy borrowed $472,000 to buy his residence, and it is currently w

orth $522,000.) Randy also paid $3,050 of interest on his car loan and $5,025 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?
a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.
b. Randy had no investment income this year, and his AGI is $75,000.
Business
1 answer:
Eddi Din [679]3 years ago
4 0

Answer:

a. $31,850

b. $29,650

Explanation:

Requirement A:

Interest on his residence is deductible                            = $29,650

Interest on car loan (non deductible)                               =  $0

Margin Interest to his stockbroker (limited to $2,200)    = $2,200

Total deductible                                                                  = $31,850

Requirement B :

As randy has no investment he can only deduct $29,650 his interest on the home loan.

You might be interested in
The main challenge of career planning in changing times is that
Serggg [28]
The answer is to adjust plans very often
4 0
3 years ago
When using the IDRC to assess the external environment the company will look at which of the following?
SpyIntel [72]

Answer: Knowledge

 

Explanation: IDRC engages in expertise, creativity, and strategies to increase the quality of life in developing countries as a segment of Canada's international affairs and development activities. IDRC aims to address realistic development issues with the brilliant minds in Canada and across the globe.

In addition to promoting global stability and development, partnering with local academic institutions and financing agencies effectively decreases reliance on assistance while establishing political leadership.

Thus, from the above we can conclude that the primary focus in the program is on knowledge.

3 0
3 years ago
In 2012, hurricane sandy caused massive destruction to the northeast united states. tens of thousands of people lost their homes
Sonja [21]

In this case, the economy had been suffering from a recession leading to lower output, aggregate demand and real GDP. The government can boost the economy by engaging in expansionary fiscal policy.

Government can implement expansionary fiscal policy by increasing government spending on goods and services, which will directly increase aggregate demand, thus boosting income and real GDP. Alternatively the government can lower tax rate. When individual tax rate falls, personal disposable income rises, increasing consumption demand and aggregate demand. When business tax rate falls, corporate net profits rise, which encourages firms to invest more in expanding their output. Higher investment by corporate firms increase aggregate demand.

7 0
4 years ago
Safety Supply Corporation in New York sells a truckload of protective suits, masks, and other safety gear to Toxic Recovery, Inc
Vedmedyk [2.9K]

Answer:

A is the correct option

Explanation:

Free On Board Destination is also known as FOB. It means that the buyer will take the delivery of the goods which is being shipped by the supplier once the good arrives at the supplier's dock. The four variations of FOB destination terms are Freight prepared and allowed, freight prepared and added, freight collect, freight collect and allowed. The terms of FOB  get superseded if the customer elects to override the terms with customer arranged pickup. In FOB destination terms the seller pays the shipping charges.

7 0
3 years ago
Let’s assume that we are about to appraise a house using the cost approach. The home was originally constructed in the early 190
guajiro [1.7K]

Answer:

$290,000

Explanation:

We start with the cost of building a replica of the house:

building a new house:                 $350,000

plus highest and best use             $25,000

minus perceived value loss          ($20,000)

minus physical deterioration        ($50,000)

<u>minus building obsolescence       ($15,000)  </u>

appraised value                            $290,000

8 0
3 years ago
Other questions:
  • An investor short sells 200 shares of a stock for ​$19 per share. The initial margin is 53​%. How much equity will be initially
    7·1 answer
  • 41 If the demand for a product increases, we would expect a. equilibrium price to increase and equilibrium quantity to decrease.
    9·1 answer
  • How does a high unemployment rate affect the economy
    7·1 answer
  • Consider the market for minivans (Some would describe a minivan as a family car). Looking at the two statements, which one is tr
    10·1 answer
  • On March​ 1, Year​ 1, LuxWear Inc. had beginning inventory and​ purchases, at​ cost, of​ $50,000 and​ $20,000, respectively. The
    14·1 answer
  • The following are Silver Corporation's unit costs of making and selling an item at a volume of 8,000 units per month (which repr
    11·1 answer
  • yyyytttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttyutttttyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyytyyttt
    6·2 answers
  • The following appeared in the October 15, 2021, issue of the Financial Smarts Journal:
    8·1 answer
  • according to federal regulations, which of the following best describes when expedited review of a new, proposed study may be us
    9·1 answer
  • Frank is considering a new job. However he is concerned about his pension fund. He knows that ________ which is the requirement
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!