Answer:
$15,000
Explanation:
Total Assets-Remaining liabilities=Solvency
$232,000-$217,000=$15,000
If the waiver of loan makes the taxpayer solvent,then the extent by which he is solvent will be included in his/her gross income.
Answer:
Know and be able to differentiate among the four types of organizational structure.
Understand why a change in structure may be needed.
Sure, let me help you on this one!
Well, we need a policy that will not expire, and that has a death benefit. The only one on the list that fits this description would be letter B.
There are tons of life insurances out there; however, permanent insurance is one of few that pays out money to the relatives to help them achieve their life goals such as paying tuition for college.
Answer: permanent policy.
A limited partnership is owned by a small pool of investors; if there is only one owner, then it is a sole proprietorship.