Answer:Therefore amount of deductions allowable in year of installation = $7,808
Explanation:
Deductions entitled in the year of installation of pool =Cost of installing pool -insurance cost - the increase in property value
=$19,520- $4,880 -$6,832
=$7,808
Therefore amount of deductions allowable = $7,808
Given the four fundamental factors that affect the cost of money, only options b and d are correct.
Statement b is true:
When people invest their money, they are foregoing consumption in that current period that they are in.
They expect their invested capital to yield them interests as compensation for not spending the money earlier.
Statement d is true:
When people invest, what they look out for are risks and most importantly the returns that they would get from investing their capital.
A 10% investment return is greater than a 6% return. Because this return is higher, it would therefore attract more capital investment.
Options a and c are false.
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Answer:
1. Tax avoidance
2.Tax avoidance
3.Tax evasion
Explanation:
Tax avoidance refers to a legal way of reducing one's tax liability through lawful deductions. Ways to reduce tax liabilities are; capitalizing on tax advantage retirement accounts, liasing with tax advisor on the legal way for tax avoidance. Tax avoidance is however legal.
Examples of tax avoidance are;
1. Andrea keeps a record of all her business related expenses.
2. Daniel claims the amount of interest paid for his mortgage as tax deductions.
Tax evasion is a deliberate attempt by a tax payer to avoid payment of tax liability. It is a fraudulent action by a tax payer to wilfully evade tax in an illegal manner. In tax evasion, income is concealed to tax authorities inorder to evade tax payment which is a criminal offence. It is to be noted that tax evasion is illegal in the eye of the law.
Example of tax evasion is ;
3. Christian did not report the tips he earned on his tax return.
Answer:
Yes because Partridge Corporation is an accrual basis corporation
Explanation:
Since the charitable contribution was approved On December 27, 2019, and the directors of Partridge Corporation, is an accrual basis calendar year taxpayer, the authorized cash contribution of $10,000 to the American Cancer Association ought to be accounted for in the year it was made which is 2019 although the payment is eventually going to be made on April 13, 2020.
Accrual basis records transactions when they are earned (income) or incurred (expenses); and not when they are received (income) or paid for (expenses)