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Tema [17]
2 years ago
12

Jayden, a calendar year taxpayer, paid $16,000 in medical expenses and sustained a $20,000 casualty loss in 2019 (the loss occur

red in a Federally declared disaster area). He expects $12,000 of the medical expenses and $14,000 of the casualty loss to be reimbursed by insurance companies in 2020. Before considering any limitations on these deductions, how much can Jayden include in determining his itemized deductions for 2019?
Business
1 answer:
omeli [17]2 years ago
6 0

Answer: Before considering any limitations on deduction, Jayden can include $16000 of the medical expenses and also $6000 of casualty loss when the itemized deduction in 2019 is determined.

Explanation:

When taxes are filed, the person filing the tax can either choose to itemize their deductions or take the standard deduction.

While the standard deduction is already known, the itemized deductions is being calculated. Itemized deductions are made from medical expenses, donations, mortgage interest etc. and are usually preferred by those that have high incomes.

Before considering any limitations on these deductions, it should be noted that Jayden can include $16,000 which is the medical expenses given in the question and a casualty loss of ($20000 - $14000) = $6000 in determining his itemized deductions for 2019?

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KiRa [710]
<h2>Question:</h2>

Q1. This organizational structure violates the unity of command principles because of dual reporting relationship.

Q2. It is a collection of independent, mostly single function enterprises that collaborate on a good or service.

<h2>Answer:</h2>
  1. <u>C</u><u>.</u><u> </u><u>Matrix</u><u> </u><u>Organization</u><u> </u>
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<h2>Explanation:</h2>

That's my opinion and I hope it helps ^_^

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8 0
3 years ago
LeCompte Corp. has $312,900 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $620
Gnom [1K]

Answer:

LeCompte Corp.

The profit margin that LeCompte Corp. would need in order to achieve the 15% ROE, holding everything else constant is:

A) 7.57%.

Explanation:

a) Data and Calculations:

Assets = $312,900

Common Equity = Assets = $312,900

Sales for the last year = $620,000

Net income after taxes = $24,655

Expected return on equity (ROE) = 15%

ROE (in amount) =  $312,900 * 15% = $46,935

Profit margin = Returns on Equity/ Sales * 100

= $46,935/$620,000 * 100

= 7.57%

b) The expected returns on equity in dollars is equal to the net income.  Therefore, we can use the ROE to calculate the profit margin.  The profit margin expresses the relationship between sales and profit.  It shows the profit made from each dollar sales.

4 0
2 years ago
Your company has earnings per share of $ 4.19. It has 1.9 million shares​ outstanding, each of which has a price of $59. You are
sveticcg [70]

Answer:

If the current earnings per share of TargetCo. are $2.10, and the times earnings multiple is 12, the relative valuation should result in a $2.10 x 12 = $25.20 per stock. This means that the premium per stock = $25.20 - $21 = $4.20, and the total premium paid for all the 1.9 million shares = $7.98 million.

8 0
2 years ago
​several hours after eating, a chilled three-bean salad containing home-canned green beans, family members have difficulty breat
disa [49]
I'm not sure if there's ONE correct answer for this question.

the family should call 911 immediately, or another emergency phone hotline if needed. an allergic reaction is most likely happening, which is understandable because some allergies can actually be passed genetically.

let me know if this helps.
7 0
3 years ago
Rufus Inc. and Hardy Company are negotiating a nontaxable exchange of business properties. Rufus’s property has a $50,000 tax ba
Norma-Jean [14]

Answer:

Which party to the exchange must pay boot to make the exchange work?

  • Rufus must pay boot since the FMV of its property is less than the FMV of Hardy's property.

How much boot must be paid?

  • $90,000 - $77,500 = $12,500

Assuming the boot payment is made, how much gain or loss will Rufus realize and recognize on the exchange, and what tax basis will Rufus take in the property acquired?

  • Rufus doesn't have any gain, and the tax basis for the new asset will be $50,000 + $12,500 = $62,500

Assuming the boot payment is made, how much gain or loss will Hardy realize and recognize on the exchange and what tax basis will Hardy take in the property acquired?

  • Since Hardy's property basis is $60,000 and it would be receiving $50,000 (Rufus's property) + $12,500 = $62,500, then it must recognize a $2,500 gain. The basis of Hardy's new property will be $62,500.
8 0
3 years ago
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