If Joe has good morals he would stop and help the women. He could have the money taken out of his pay check to possible keep his job but if he does not stop and help the women he will have live with his decision for the rest of his life, the guilt would eat him alive. He can always get another job but we only have one life to live and if he could help save someone else, he should do that.
The answer would be between A and D.
Answer:
c. $1,400
Explanation:
Gross income
= Interest on U.S. government bonds + Interest on a Federal income tax refund + Gain on the sale of Madison County school bonds
= $700 + $200 + $500
= $1,400
Therefore, Heather must report gross income in the amount of $1,400.
1. False
2. False
3. True
4. False
5. false
6. False
7. True
8. False
9. True
10. False
Answer: $15,000
Explanation:
From the question, Carl transfers land with a fair market value of $120,000 and basis of $30,000, to a new corporation in exchange for 85 percent of the corporation's stock and that the land is subject to a $45,000 liability, which the corporation assumes.
The amount of gain that Carl must recognize as a result of this transaction will be the difference between the liability the land is subjected to which is $45,000 and the basis of the land which is $30,000.
= $45,000 - $30,000
= $15,000
