Answer:
Double coincidence of wants - a situation where two individuals each want some good or service that the other can provide
Double coincidence of wants occurs when in a transaction between two or more individuals, each want to obtain the good or service that the other is offering.
Barter - trading one good for another without the use of money
In barter, people trade a good or service for another good or service, without the use of money as medium of exchange. An example of barter is trading a cow for a sheep.
Money - whatever serves society in three functions: medium of exchange, store of value, and unit of account
Money is any good that serves the three purposes of money, store of value to serve as a medium to save or to accumulate wealth, medium of exchange to trade goods and services, and unit of account to measure the value of goods and services under a common guide.
Answer:
c.
Explanation:
Based on the information provided within the question it can be said that in order for it to be enforceable, a writing is required for the employment agreement. This is because the employment requires initial work for a month before receiving payment for the services provided. Unlike the other two purchases, since money is being exchanged directly for a product or service at the exact moment.
Assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.
<h3>
What is total tax liability?</h3>
- The total amount of tax debt owing by an individual, corporation, or other entity to a taxation authority such as the Internal Revenue Service is referred to as tax liability (IRS).
- Tax responsibilities include income taxes, sales taxes, and capital gains taxes.
- Your gross tax liability is equal to your taxable income minus your tax deductions.
- Your total income tax burden equals your gross tax liability less any tax credits you are qualified for.
- The key to lowering your tax liability is to reduce the percentage of your gross income that is subject to taxation.
- Consider raising your retirement savings.
- Investing pre-tax cash in an employer-sponsored retirement plan, such as a 401(k), is a simple way to lower your taxable income for the year.
Therefore, assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.
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Answer:
Disintermediation.
Explanation:
Disintermediation can be defined as the removal of middlemen from a business transaction. This means that the producers carry out transactions directly with the customers.
Disintermediation reduces cost and increases efficuency because the consumers can now purchase the product at a cheaper price from the producers due to the fact that the middlemen have been exempted from the purchasing process.
Disintermediation can also lead to an increased burden on the producers because they are solely in charge of supplying goods to potential customers.
Answer and Explanation:
The computation of the amount and character of the gain recorded is shown below:
1. Recognized gain would be
= Sales - the cost of the property - recovery cost
= $1,200,000 - $1,000,000 - $411,750
= $611,750
2. Now as per the section 1245 the potential recapture is $411,750
3. Now extra section 291 ordinary income in the case when it is a corporation
= $411,750 ×20%
= $82,350
4. And finally $82,350 would be considered as an ordinary income under section 291 while the remaining balance i.e.
= $611,750 - $82,350
= $529,400
This amount would be considered as a gain under section 1231