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kupik [55]
3 years ago
14

Corporation Q, a calendar year taxpayer, has incurred the following Section 1231 net gains and losses since its formation in 201

6: 2016 2017 2018 Section 1231 gains $ 14,800 $ 5,700 0 Section 1231 losses (13,000 ) (9,000 ) $ (3,100 ) Net gain or (loss) $ 1,800 $ (3,300 ) $ (3,100 ) Required: In 2019, Corporation Q sold only one asset and recognized a $4,000 Section 1231 gain. How much of this gain is treated as capital gain, and how much is ordinary
Business
1 answer:
sp2606 [1]3 years ago
7 0

Answer: $4,000 is ordinary income. No Capital gain

Explanation:

In 2017 and 2018, total Section 1231 losses are:

= 3,300 + 3,100

= $6,400

The Section 1231 gain in 2019 falls below the combined losses from the previous years of 2017 and 2018 so will not be counted as a capital gain as those losses are not yet being recaptured.

The entire $4,000 is therefore ordinary income.

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All of the money borrowed by the united states government over the years and still outstanding is called the national:
geniusboy [140]
<span>the national or federal debt consists of all the money borrowed over the years by the national government that is still outstanding. The national debt is the public and intragovernmental debt owed by the federal government. Two-thirds of the U.S. debt is the Treasury bills, notes and bonds owned by to the public. They include investors, the Federal Reserve, and foreign governments.</span>
4 0
3 years ago
What three major federal taxes bring in most revenue ?
kumpel [21]

Income taxes, payroll taxes, and corporate income taxes.

Income taxes = individual employees pay out of their earnings

Payroll Taxes = social security tax, medicare, and unemployment tax. These are paid partially by the employees and partially by the employers

Corporate income taxes = paid by businesses as a percentage of their profits

6 0
3 years ago
Britt is a member of an environmental activist organization and has helped organize peaceful protests on campus. She is deeply i
larisa [96]

Answer:

Rebel

Explanation:

Burton Clark and Martin Trow, the two sociologists described about the four types of college subcultures.

1) Collegiate

2) Academic

3) Vocational

4) Rebel

Britt has all the characteristics of Rebel subculture, that is being deeply involved with ideas from the classroom and wider society of art, literature, and politics. They are aggressive nonconformism, and find critical detachment from the college they attend and from its faculty like Britt consider her professors ideas as outdated.

8 0
3 years ago
On January 1, 2017, Sunland Industries had cash and common stock of $196000. At that date the company had no other asset, liabil
Dafna1 [17]

Answer:

$32,980

Explanation:

The computation of comprehensive income is shown below:-

Comprehensive income = Cash dividend + Unrealized holding gain

= $11,800 + $31,800

= $32,980

Comprehensive income includes net profit and other complete or compression  profits.

Net revenue involves operating and non-operating income, net of expenses . Other comprehensive profits consisted of unrealized gains or losses, cash flow hedges.

So in this question we considered the dividend and unrealized holding gain as an comprehensive income

5 0
2 years ago
"Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value for all of the outstanding sha
Ghella [55]

Answer:

Additional paid in capital in excess of par value is any amount of money received through issuing stocks at a higher value than par:

additional paid in capital = ($47 - $5) x 12,000 stocks = $42 x 1,200 = $504,000

Additional paid in capital does not affect retained earnings, so retained earnings should remain unchanged.

8 0
3 years ago
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