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chubhunter [2.5K]
3 years ago
14

In early year 8, Alice sold Tom, her son, 20 shares of common stock for $20,000. Alice had paid $25,000 for the stock in year 2.

In late year 8, Tom sold the stock to an unrelated third party for $35,000. How much gain must Tom report in his year 8 tax return for the sale of the stock
Business
1 answer:
Tema [17]3 years ago
4 0

Answer:

He must report 15,000 gain in his year 8 tax...........

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Which of the following is not an example of a digital transaction?
gladu [14]
Pretty sure it’s B since Marcos is using cash
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2 years ago
Jeremy and Alyssa Johnson have been married for five years and do not have any children. Jeremy was married previously and has o
patriot [66]

Solution:

Gross income : 262000  

a) Ordinary and necessary business expenses

amount                                      explanation

108850                          Ordinary expenses associated with Jeremyâs                              

                                         business (42250+47700+18900)

b) Unreimbursed  employment expenses

amount                                      explanation

  -                        Un reimbursed employee business expenses

                                  are deductible from AGI not for AGI

c) Real property taxes and investment  expenses.

amount                                      explanation

   -                                 Taxes and investment expenses

                                      are deductible from AGI not for AGI

d) Rental expenses

amount                                      explanation

8590                       Rental expenses are deductible for

                        AGI even though they aretechnically investment or

                                  production of income expenses.

e) Self-employed  health insurance

amount                                      explanation

4590                       Jeremy may deduct all the costs of his

                                   health insurance because he is not eligible

                                          for health plan

f) Self- employment  taxes

amount                                      explanation

1295                         ½ of self-employment taxes allowed

                                                 as for AGI deduction

g) Alimony

amount                                      explanation

  5180                                Alimony is allowed for AGI deductions

h) Donations

amount                                      explanation

  -                                 Charitable contributions are from

                                              not for AGI deductions

Total for AGI  deductions Amount

                                                128505  

AGI                                          135495

8 0
2 years ago
Joe and Michelle have a partnership firm. Based on the income-based method of calculating GDP, what category is the income earne
tekilochka [14]

Answer: B) employee’s compensation.

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3 0
3 years ago
Causwell Company began 2018 with 11,000 units of inventory on hand. The cost of each unit was $4.00. During 2018 an additional 3
Kaylis [27]

Answer and Explanation:

For computing the cost of goods sold under two method first we have to determine the cost per unit which is shown below:

The average cost per unit is

= $108,750 ÷ 25,000 units

= $4.35

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Divide by  Purchase cost per unit of 35000 units   $4.46

Now the cost of goods sold are as follows

1. Under the FIFO method

Beginning        11,000 × $4.00  $44,000  

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Total         25,000           $1,06,440

2. Under the LIFO method

Purchased        25,000 × $4.46  $1,11,500

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3 years ago
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gavmur [86]

<u>Collaborative planning, forecasting, and replenishment (CPFR)</u> e-business model is used by Walmart & Pepsi companies through their supply chain management process.

Supply chain management is the practice of integrating supply and demand management across all of the many participants and channels in the supply chain so that they cooperate as effectively and efficiently as possible. Three main advantages of effective supply chain management for a business.

For any firm, supply chain management is essential because doing it properly can have a number of positive effects; on the other hand, doing it poorly can lead to highly costly delays, quality problems, or reputational damage. If vendors or processes are not compliant, inadequate supply chain management may occasionally result in legal problems as well.

To know more about supply chain management

brainly.com/question/14464030

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5 0
2 years ago
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