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Butoxors [25]
2 years ago
12

During 2021, Phil Rupp presents the following transactions:_______.

Business
1 answer:
astraxan [27]2 years ago
8 0

Answer:

Assuming Phil Rupp files as single with one valid dependent in 2017, his gross income is __$56,864__, while his adjusted gross income is __$44,227_.

Explanation:

a) Data and Calculations:

Bank loan proceeds received (to purchase a new car) of $15,000

Wages of $56,821

Contribution to a Roth IRA of $5,000

Pass-through loss from a partnership of $7,637

Interest income earned of $43

Gross income:

Wages of $56,821

Interest income earned of $43

Total gross income = $56,864

Adjusted gross income:

Gross income of $56,864

less:

Contribution to a Roth IRA of $5,000

Pass-through loss from a partnership of $7,637 (less than 20% of $56,864)

Adjusted gross income = $44,227 ($56,864 - $5,000 - $7,637)

b) With Pass-through each partner's share of business income, gain, deduction, or loss is passed through to the owner and reported on the owner's personal federal income tax return for the tax year.  According to the Tax Cuts and Jobs Act of 2017, individual business owners are entitled to up to 20% of their income as pass-through losses.

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Answer: <em><u>Cash to be distributed to  Harding = $ 17000,  Jones = $ 3000 </u></em>

Explanation:

It has been indicated that the ($9,000) deficit will be covered with a forthcoming contribution

∴ The Remaining Capital Balance is = (24000 + 24000) = $48000

∵Total cash Available = $20000

Loss = 48000 - 20000 =  $ 28000

Loss will be shared between Harding & Jones in ratio = 16:48

∴  Harding Capital balance = \frac{(24000 - 28000)\times16}{16+48} = $ 17000

∴ Jones Capital balance =  \frac{(24000 - 28000)\times48}{16+48} = $ 3000

Cash will be Distributed in their capital balance ratio

Therefore,

<u><em>Cash to be distributed to  Harding = $ 17000,  Jones = $ 3000 </em></u>

7 0
3 years ago
How U.S industries will be affected by lifting the embargo?
maria [59]

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4 0
2 years ago
What is the current face value of a $1,000 Treasury inflation-protected security if the reference CPI is 203.19 and the current
Stella [2.4K]

Answer:

$1,011.22

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Price = $1000 x (205.47/203.19)

$1000× 1.01122= $1,011.22

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Which of the following modifications to the list of assets and liabilities below would result in a net worth of 100,000
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Alexeev081 [22]

Answer: -$500

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2 years ago
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