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
Luba_88 [7]
3 years ago
15

During 2018, Cary and Bill incurred acquisition debt on their residence of $1,300,000. They also borrowed $200,000 on a home equ

ity line to pay college tuitions for their children. On a joint tax return, what is the amount of their qualified acquisition debt?
a. None of the above
b. $1,500,000
c. $750,000
d. $1,000,000
e. $1,300,000
Business
1 answer:
lilavasa [31]3 years ago
5 0

Answer:

The correct answer to the following question is option C) $750,000 .

Explanation:

In 2018, Carry and Bill took a qualified residence loan , where they incurred acquisition debt equal to $13,00,000 for their residence and took $200,000 on a home equity for paying their children's college tuition. As per the IRS, if a qualified residence loan is taken , then it should be secured against the home and loan should used to purchase or make improvement on the house.

The amount that is allowed as deductible for qualified residence loan for joint tax payers is $750,000, earlier this amount was $1 million.

You might be interested in
In July 2007 The Wall Street Journal (WSJ) reported that a growing shortage of skilled labor in Eastern European countries such
andrey2020 [161]

Answer:

D) rise in Western European countries and fall in Eastern European countries until the wage rates become more equal.

Explanation:

Two important factors must be considered:

  1. wages in western European nations are still much higher than those in eastern European nations
  2. workers that come from member countries of the European Union may travel freely and work in any country that they can and that belongs to the European Union.

As long as the wages in western European countries continue to be higher and European workers can establish themselves in those counties, the supply of workers will continue to flow from poorer eastern European countries to richer western European countries.

rise in Western European countries and fall in Eastern European countries until the wage rates become more equal.

4 0
3 years ago
Match the following items.
Dovator [93]

Answer:3 is activities

1 is accomplishments

2 is credentails

itwas on my quiz

7 0
3 years ago
Your insurance agent is trying to sell you an annuity that costs $75,000 today. By buying this annuity, your agent promises that
mixer [17]

Answer:$120,000

Explanation: multiply $500 and 12 and get 6,000 then multiply 6,000

then multiply 6000 and 20 and get 120,000

6 0
4 years ago
If there is a high demand for a product, then production will be__.
Cloud [144]

Answer:

the answer is b. increased

6 0
3 years ago
Read 2 more answers
Lapping is best described as the process of Group of answer choices inflating bank balances by transferring money among differen
Artemon [7]

Lapping is best described as the process of <u>B. applying </u><u>cash receipts</u> to a different customer's account in an attempt to conceal previous thefts of cash receipts.

<h3>What is Lapping?</h3>

Lapping is an employee stealing scheme revolving around the application of cash receipts.

Lapping can be traced by tracing the application of cash receipts to customers' accounts.

Routine application of cash receipts to wrong customer accounts proves evidence of a lapping scheme.

Thus, Lapping is best described as the process of <u>B. applying </u><u>cash receipts</u> to a different customer's account in an attempt to conceal previous thefts of cash receipts.

Learn more about lapping schemes at brainly.com/question/14846195

#SPJ12

3 0
2 years ago
Other questions:
  • Lori had a great day at work and has a positive attitude. When she arrives home, she maintains this positive attitude and is in
    15·1 answer
  • BuzzInc. sold a piece of equipment during the period for $230,000 and recorded a gain of $45,000 on the sale. How should this ga
    5·1 answer
  • The span of control for a manager:
    10·1 answer
  • 1. Explain who the Lemon Law protects.
    7·1 answer
  • The Flint Fan Corporation is considering the addition of a new model fan, the F-27, to its current products. The expected cost a
    10·1 answer
  • Operating leverage is easier to control and manage than financial leverage because operating leverage deals with the internal wo
    6·1 answer
  • A lender agrees to loan you 80% of the first $ 60,000 and 70% of the remainder of the purchase price of a home. The contract pri
    9·1 answer
  • The ________ in the Sigma Six cost-of-quality (COQ) equation includes the internal costs before the product is sold (like waste
    11·1 answer
  • Rodney (a fictional person) was self-employed, running a successful business, seemingly healthy, and never thought he would have
    14·1 answer
  • Cathlene runs a cake shop. Her primary goal is to set up the largest chain of cake shops in the city. Another goal of Cathlene's
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!