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Oksi-84 [34.3K]
3 years ago
14

During the current year, Rulon’s toilet overflowed due to a pipe breaking during a nationally declared earthquake disaster. Rulo

n was at work when the earthquake hit, and by the time he returned, the water had flooded the basement, causing damage to the carpet, walls, and ceiling. The cost of repairing the damage was $9,000. Rulon has homeowners insurance that will cover half of the damage. However, because he has already had claims this year, Rulon does not want to report the incident to his insurance company for fear of a large increase in insurance rates. Instead, Rulon wants to deduct the loss a casualty loss on his tax return. His AGI for this year is $50,000, and he has other itemized deductions of $6,000. Rulon is single. What amount of the casualty loss may he deduct?
Business
1 answer:
sashaice [31]3 years ago
7 0

Answer:

Since half of his loss would be covered by insurance and he is not filing an insurance claim, he cannot take half of the loss.

For the half he can take, 4500, he must reduce it by 100 and then by 10% of his AGI. 4,500 - 100 - 5,000 = less than zero.

So he cannot deduct any of the loss.

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Globalization is:
Karolina [17]

Answer:

d) making HR planning more critical and complex.

Explanation:

Globalization refers to the way of interacting with different people around the world in order to get healthy relationship for business purpose. Communication technologies become a helping hand to make globalization so easy and efficient.

Increase Globalization increase the practice of human Resource, in order to maintain the workforce in a more systematic way thus globalization make human resource planning more complex.

5 0
3 years ago
Columbus Inc. sells a high end hair dryer in a super competitive marketplace. As a result, market research and competitive press
soldier1979 [14.2K]

Answer:

The hair dryer cost cannot exceed 27 dollars per unit

Explanation:

the target cost will the one which achieve the target profit at the selling price of the market.

In this case we are given that selling price is $53 and we want to achieve a 26 dollar gain per unit therefore:

revenue - cost = profit

revneue - profit = cost

53 -26 = cost

cost = 27

3 0
3 years ago
Lauren hires Humphrey, a CPA, to audit her financial statements. The engagement letter includes a statement acknowledging that a
klio [65]

Answer:

it was a foreseen party

Explanation:

Key Largo bank would most likely sue Humphrey on the ground that it was a foreseen party. This is because Humphrey(CPA) being an auditor, knew that the audited financial statements are required for a filing with the regulatory body. Moreover, the auditing firm- Humphrey knew about the specific purpose of the audit report including the fact that his or her opinion(report) will will relied upon by other parties hence a foreseen third party for the auditor.

Based on the aforementioned, Key Largo Bank can sue Humphrey because he is aware of the intended purpose of the audit report.

3 0
3 years ago
In an​ expansion, taxes rise and government expenditures​ fall, and therefore act as automatic​ ________. Inflation is more like
Sergeu [11.5K]

Answer:

The correct answer is: stabilizers; destabilizer.

Explanation:

The automatic stabilizer is a government policy that correct fluctuations in the economy through their normal operation and hence they are called automatic stabilizers.  

Taxes and government spending are examples of automatic stabilizers.  

During an expansion, taxes increase with an increase in income and government spending decrease. These two without any intervention by the government automatically stabilize the economy.  

Automatic destabilizer causes fluctuations by their normal operation. An example of destabilizer is inflation which increases during expansion and causes fluctuations without any intervention.

6 0
3 years ago
A company has net income of $130,500. Its net sales were $1,740,000 and its total assets were $2,750,000. Its profit margin equa
alexgriva [62]

Answer:

True

Explanation:

The profit margin calculation is shown below:

= (Net income ÷ net sales) × 100

= ($130,500 ÷ $1,740,000) × 100

= 7.5%

We simply divide net income by net sales in order to achieve the gross profit margin. This indicates a correlation between net income or net income and net sales.  

All other information provided is irrelevant. Therefore, it was ignored

8 0
3 years ago
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