Becoming aware of your assumptions and becoming open to different points of view can help you demonstrate respect for various approaches to work tasks and styles, making it easier for you to build relationships and be successful with others in your career.
Answer:
The answer is below
Explanation:
Given that Section 1231 assets are a term that is used to describe the real or depreciable trading property acquired for more than a year. For example, landed property, buildings, etc.
Hence, in this case, the correct answer or statement to the question are:
1. If Section 1231 assets are sold and the taxpayer has a realized loss, the loss is a fully deductible ordinary loss
2. If Section 1231 assets held long-term are sold for a realized gain, the taxpayer has a potential long term capital gain that may be taxed at favorable capital gains rates but this result often does not occur
Answer:
C and E.
Explanation:
Brokerage Firms are those firms that acts an a middlemen between the buyer and a seller to expedite a transaction. It is a financial institutions that ease the buying and selling of securities. These companies also charge a amount of fee or compensation on the completion of transactions. A brokerage firm is also known as brokerage company or brokerage.
There are three types of brokerage firms. They are:
- Full-service brokerage
- Discount brokerage
- Robo-advisors.
The discount brokerage provides less comprehensive services than the traditional one or the full-service brokerage. These services are provided via online as well by discount brokerage.
So, from the given options the correct options are C and E.
Answer:
Donna made a realized gain of 8,000 dollars
the basis for the building now will be of 152,000 dollars
Explanation:
<u><em>realized gain:</em></u>
insurance proceeds less replacement cost:
160,000 - 152,000 = 8,000
<em><u>the basis</u></em> (value of the new office building for tax purposes) will be the 152,000 which is the cost of the office building
Answer:
C) Recurrent Disability provision
Explanation:
The human body is a fantastic machine but sometimes when you have health problems they don't show up immediately.
For example you might get hit on the right side of your head severely and lose partial hearing from your right ear, but in a couple months you might notice that your short term memory has also been affected. Both disabilities were caused by the injury although one showed up before the other.
The insurance company has to provide the disability benefits without a new elimination period under the recurrent disability provision.
