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Aleonysh [2.5K]
3 years ago
10

Your friend Scotty informs you that in 2019 he received a tax-free reimbursement of some medical expenses he paid in 2018. Which

of the following statements best explains why Scotty is not required to report the reimbursement in gross income? a.Scotty itemized deductions in 2018. b.Scotty itemized deductions in 2019. c.Scotty did not itemize deductions in 2018. d.Scotty did not itemize deductions in 2019. e.Scotty itemized deductions in 2019 but not in 2018.
Business
1 answer:
DanielleElmas [232]3 years ago
3 0

Answer:

c.Scotty did not itemize deductions in 2018

Explanation:

Itemized deductions can be defined as a form of eligible expenses in which individual taxpayers can claim on federal income tax returns which will in turn reduce their taxable income, and this is said to be often claimable in place of a standard deduction, only in a situation where it is available which is why ITEMIZED DEDUCTIONS are expenses that are allowed by the IRS that can decrease your taxable income because when an individual itemize on his or her tax return, such individual can opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar standard deduction.

Therefore based on the Scotty scenario the statements that best explains why Scotty is not required to report the reimbursement in gross income is :Scotty did not itemize deductions in 2018

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Explanation:

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2 years ago
A company planned to sell 100 canoes for the month of April at an average sales price of $600. Midway through the month, the com
andreyandreev [35.5K]

Answer:

flexible budget amount for canoe sales revenue for April is $72000

Explanation:

given data

sell =  100 canoes

average sales price = $600

sold = 65

total sales = 130

canoes at an average price = $595

actual sales = 120 canoes

to find out

flexible budget amount for canoe sales revenue for April

solution

we know here for flexible budget april sale unit are = 120

and selling price is $600

so that April sales will be here = 120 × 600

April sales = 72000

so flexible budget amount for canoe sales revenue for April is $72000

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