1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
FromTheMoon [43]
3 years ago
5

In the current year, Joel has a passive activity loss of $15,000 from a limited partnership interest in XYZ, LP. He also has sus

pended losses from XYZ from prior years of $40,000. At the end of the current year, Joel sells his entire interest in XYZ at a $50,000 gain. What is the net effect of these items on his current year adjusted gross income?
Business
1 answer:
anygoal [31]3 years ago
7 0

Answer:

the  net impact on these items is $5,000 gain

Explanation:

The computation of the net impact on these items is as follows;

Net effect is

= Gain - Loss - suspended loss

= $50,000 - $15,000  - $40,000

= $5,000 gain

hence, the  net impact on these items is $5,000 gain

We simply applied the above formula so that the correct value could come

And, the same is to be considered

You might be interested in
While conducting an audit of a new nonissuer client, an auditor discovers that accounting policies applied in relation to the fi
Marat540 [252]

Answer:

A) Obtain sufficient appropriate evidence about whether changes in the accounting policies have been appropriately accounted for and adequately presented and disclosed in accordance with the applicable financial reporting framework.

Explanation:

When such things happen, the auditor must search more information regarding the accounting policies and must evaluate if the company's accountants adopted accounting policies that are legal and adjust to applicable financial reporting (e.g. GAAP in the US). The auditor must also try to determine the effects of the applied policies and if all proper disclosures have been included or not. The auditor should also try to determine why the company's accounting department did that and how do they justify it.

3 0
3 years ago
There are a handful of common mistakes people make when trying to
NikAS [45]

Answer:

c. Loss aversion

Explanation:

Loss aversion is a cognitive bias that explains where there is the pain for losing should be twice as equivalent to the gaining pleasure. It is the tendency of an individual to avoid the losses that purchase the equivalent gains. And, the term that not done the given mistake is the loss aversion

So as per the given situation, the option c is correct

8 0
2 years ago
Describe the relationship between farmers and co-operative​
Alecsey [184]

Answer:

An agricultural cooperative, also known as a farmers' co-op, is a cooperative where farmers pool their resources in certain areas of activity. ... Supply cooperatives supply their members with inputs for agricultural production, including seeds, fertilizers, fuel, and machinery services.

Explanation:

5 0
2 years ago
An entrepreneur who needs large amounts of capital to create and distribute a new invention would most likely visit
Lynna [10]

Answer:

The answer is B. Investment banker.

Explanation:

6 0
2 years ago
Cars typically loss the most value in the first year after purchase
uranmaximum [27]
SORRY I NEED MORE INFO what exactly are you looking for?
5 0
3 years ago
Other questions:
  • Schuepfer Inc. bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 2,700 units ar
    11·1 answer
  • A member of the park service believes the average number of cacti per square km in tucson, az in the year 2001 is less than the
    14·1 answer
  • The first thing you must consider in any type of communication is
    6·2 answers
  • Does anyone know the group called BTS?
    12·2 answers
  • Danube Corp. purchased a used machine for $ 10 comma 000. The machine required installation costs of $ 4 comma 000 and insurance
    12·1 answer
  • What is consumer credit?
    8·1 answer
  • Orange Banking Group, a corporation that has a global presence, is seeking to hire employees for its IT team. Among the availabl
    9·1 answer
  • After solving the profit equation to isolate price, you have:
    7·1 answer
  • What happens if people believe that government spending on library books will encourage even more reading and increase the priva
    6·1 answer
  • Lighting equipment listed for horticultural use and connected with flexible cord shall have outlets that are _______.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!