Answer:
Since Will is getting the custody of their two children, he can claim them as dependents and deduct exemptions when he files his taxes.
- child tax credit ($2,000 per child under 18)
- child and dependent tax credit (up to $3,000 per child under 13 and $500 for dependent over 13)
- American opportunity education credit (up to $2,500 per child that studies x 4 years maximum)
Alimony can no longer be deducted from Janine's AGI, nor it should be included in Will's AGI.
Property distributions (cars and house) will not have any effect in their taxes, but if they sell them, their basis will be the value at the time of divorce.
The answer is B. I just had this question on Edgenunity.
Answer:
Retained earnings for year 1 would be lower by $6000
Explanation:
A change in inventory valuation method resulted in higher cost of goods sold for the previous year.
This means had the new method of inventory valuation i.e weighted average been followed, the gross profit would have been lower by $10,000.
Had gross profits been lower by $10,000 , it would've led to net income being lower by $10,000. After deduction of 40% tax rate on such income, the after tax income would've been $6000 lower.
This further means the balance of retained earnings would've been reduced by $6000.
Answer:
a. sustainability issue
Explanation:
Sustainability refer to activities that are conducted in order to provide the well being for the long term with respect to the natural environment that also involved the all types of biological entities
Since in the question it is mentioned that the water pollution and the soil from activities is mainly related to the sustainability issue and hence, the same is to be considered
Therefore the correct option is a.
C. Merit-based is the correct answer (APEX)
