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Miller owns a personal residence with a fair market value of $380,900 and an outstanding first mortgage of $304,720, which was u

Romashka [77]

Answer:

$304,720

Explanation:

According to the IRS, qualified principal residence indebtedness may include:

1) Debt incurred in order to purchase, build or improve your house or main residence, and the debt is secured by the house or principal residence (mortgage).

Or

2) Any house debt in (1) that is refinanced in order to improve, build or purchase something of your house or principal residence, e.g. you refinance your mortgage in order to build a swimming pool. The loan balance cannot exceed the original mortgage.

A fishing boat is not considered a home improvement, so the equity loan is not considered qualified residence indebtedness.

6 0

3 years ago

while shopping grey spend 90% of the money she had if she has $4,500 on shopping what was amount of money spent

goldenfox [79]

Answer:

$4,050

Explanation:

Grey has $4,500 for shopping.

She spent 90% while on shopping.

The amount spent = 90/100 x $4500

=0.9 x $4,500

=$4,050

7 0

3 years ago

Rightway Construction's project manager has been given the task of planning and implementing the construction of a playground fo

Zigmanuir [339]

Explanation:

create a project schedule flow chart

6 0

2 years ago

Ross White wants to reconsider his decision of buying the brackets and is considering making the brackets in-house. He has deter

Vilka [71]

Answer:

See explanations

Explanation:

a. What is the daily demand rate? 2500/365=6.85 per day

b. What is the optimal production quantity? sqrt( 2DCo/Ch)=sqrt(2*2500*25/1.48)= 290.619=291

c. How long will it take to produce the optimal quantity? 291/50=5.82 days

d. How much inventory is sold during the production run time? 6.85*5.82= 40

e. If Ross uses the optimal production quantity, what would be the maximum...

6 0

3 years ago

Sebastian purchases two pieces of equipment for $100,000. Appraisals of the equipment indicate that the fair market value of the

Schach [20]

Answer:

$100,000

Explanation:

According to the internal revenue service ''In most situations, the basis of an asset is its cost to you. The cost is the amount you pay for it in cash, debt obligations, and other property or services. Cost includes sales tax and other expenses connected with the purchase.''

Therefore Sebastian's basis in these two assets is unconnected with the fair market value of the assets but with the cost.

Purchased Equipment is always recorded at its acquisition cost or its net book value, that is after deducting the accumulated depreciation . In the scenario we have no depreciation figures, hence the basis is the cost of $100,000

8 0

3 years ago