Answer:
With respect to Adjusted Gross Income we can not deduct anything. She will claim $10,000 in itemized deductions, subject to 2% deductions.
Explanation:
Incontestability clause - This tells us the insurance company may not contest the validity of the policy during the insured's lifetime for any reason, including fraud, if the policy has been in effect for a predetermined duration
What is incontestability clause?
An incontestability clause in a life insurance policy safeguards the policyholder and forbids the insurer from changing any aspect of the insurance coverage as a result of a misinterpretation or false statements made by the insured (the policyholder) after a certain amount of time. A life insurance policy's provider cannot revoke any statement after a specified period of time thanks to an incontestability provision. This provision is frequently regarded as offering policyholders the most robust defense.
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Answer:
$22 per pound
Explanation:
The computation of the differential revenue of producing and selling Product C is shown below:
= Sale value per pound of product C - Sale value per pound of product B
= $82 per pound - $60 per pound
= $22 per pound
By subtracting the Sale value per pound of product B from the Sale value per pound of product C we can get the differential revenue and the same is shown above
Answer:
Normal good
Explanation:
Income effect Is change in quantity demanded when the consumers purchasing power change as a result of a change in real income.
Substitution effect is when quantity demanded falls as a result of rise in price of a good which leads consumers to purchase cheaper alternatives.
A normal good is a good whose demand increases as income increases.
If the price of a normal good falls, the real purchasing power of the consumer increases and the consumer buys more of the good. Also, the consumer substituites from more expensive alternative goods to the more cheap normal good. The income and substitution effect both move in the same direction.
The amount that Vint and Gracie can claim for 2020 lifetime learning credit is <em>D. $600</em>.
Explanation:
Joint Modified Adjusted Gross Income for 2020 = $110,000
Tuition for the fall semester paid by Gracie = $3,000
Limit placed on lifetime learning credit = $2,000
Rate of lifetime learning credit = 20% of the first $10,000
Allowed lifetime learning credit = $600 ($3,000 x 20%)
<u>Answer Options</u>:
A. $0
B. $200
C. $400
D. $600
Thus, the amount that the couple can claim for 2020 lifetime learning credit is <em>D. $600</em>.
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