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VARVARA [1.3K]
2 years ago
12

What tax event must take place when a taxpayer receives a Form 1099-A?

Business
1 answer:
Ad libitum [116K]2 years ago
8 0
Gain or loss from the sale of property must be calculated. The loss from foreclosure of property must be subtracted from wage income.
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Elise has debt problems and sees an ad for a credit counseling service. When she calls to get more details, she suspects that th
morpeh [17]
The right answer for the question that is being asked and shown above is that: "d) All answers are correct."  The situation that could have tipped Elise of is that of requiring a free course on money management; charging large monthly fees for the service;<span> asking her to cancel most of her credit cards</span>
4 0
3 years ago
Art is a self-employed installer of home entertainment systems, and he drives his car frequently to installation locations. Art
kap26 [50]

Answer:

Explanation:

The expenses that Ryan can deduct for the business trips he had is calculated by summing up the expenses he had with regards to gasoline and the depreciation.

Cost of gasoline = (3,760 miles)($1,590/18,800 miles) = $318

Cost of depreciation = $4,800

Adding the costs will give us an answer of $5118.

Answer: $5,118

3 0
3 years ago
What happens if you lose the money you invested in your stock?
saveliy_v [14]
If that happen, other investors that bet for the opposite cause of your investment would be the one that gained that money, and you will still able to keep that stocks to collect dividend as long as you don't sell it.
(this circumtances won't happen if the reason you lost the money is the firm going into bankruptcy)
7 0
3 years ago
Matt is saving to buy a new motorcycle. if he deposits ​$75 at the end of each month in an account that pays an annual interest
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6 0
2 years ago
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the
BlackZzzverrR [31]

Answer:

a. Inventory is sold for $600,000.

gain on sale of inventory = $600,000 - $537,200 = $62,800

allocation of gain:

Kendra 1/2 x $62,800 = $31,400

Cogley 1/3 x $62,800 = $20,933

Mei 1/6 x $62,800 = $10,467

Dr Cash 600,000

   Cr Inventory 537,200

   Cr Gain on sale of inventory 62,800

Dr Gain on sale of inventory 62,800

   Cr Kendra, capital 31,400

    Cr Cogley, capital 20,933

    Cr Mei, capital 10,467

Dr Accounts payable 245,500

    Cr Cash 245,500

Dr Kendra, capital 124,400

Dr Cogley, capital 233,433

Dr Mei, capital 177,467

    Cr Cash 535,300

b. Inventory is sold for $500,000.

loss on sale of inventory = $500,000 - $537,200 = -$37,200

allocation of loss:

Kendra 1/2 x $37,200 = $18,600

Cogley 1/3 x $37,200 = $12,400

Mei 1/6 x $37,200 = $6,200

Dr Cash 500,000

Dr Loss on sale of inventory 37,200

   Cr Inventory 537,200

Dr Kendra, capital 18,600

Dr Cogley, capital 12,400

Dr Mei, capital 6,200

    Dr Loss on sale of inventory 37,200

Dr Accounts payable 245,500

    Cr Cash 245,500

Dr Kendra, capital 74,400

Dr Cogley, capital 200,100

Dr Mei, capital 160,800

    Cr Cash 435,300

c. Inventory is sold for $320,000 and any partners with capital deficits pay in the amount of their deficits.

loss on sale of inventory = $320,000 - $537,200 = -$217,200

allocation of loss:

Kendra 1/2 x $217,200 = $108,600

Cogley 1/3 x $217,200 = $72,400

Mei 1/6 x $217,200 = $36,200

Dr Cash 320,000

Dr Loss on sale of inventory 217,200

    Cr Inventory 537,200

Dr Kendra, capital 108,600

Dr Cogley, capital 72,400

Dr Mei, capital 36,200

    Dr Loss on sale of inventory 217,200

Dr Cash 15,600

    Cr Kendra, capital 15,600

Dr Accounts payable 245,500

    Cr Cash 245,500

Dr Cogley, capital 140,100

Dr Mei, capital 130,800

    Cr Cash 270,900

6 0
3 years ago
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