Answer:
A. $6,400
B. $240
C. $1,000,000
D. $30,000
Explanation:
Requirement A, C, and D:
Prizes and awards are taxable income for a taxpayer. Any awards or prizes won from the lottery or television should be added to the income. Therefore, the Winning lottery is a taxable income for Kerry, $1,000,000. Again, Receiving the award for scientific research is also taxable income for Deborah, $30,000.
The winning award for accomplishments is also a taxable income. So, receiving a $6,400 worth gift bag is a taxable income for Cheline.
Requirement B:
There is an exception if the award is for tangible property and a long-years of accomplishment. At that time, the taxpayers will be excluded from some part of the necessary amounts to be paid as tax. If it is not a qualified award, the exclusion will be $400. If it is qualified, the tax exclusion is 1,600. Since Jon received a gold watch for 25 years of service and the gift is not qualified, he has to pay tax for $(660 - 400) = $240.
Answer:
D. Banks can charge fees for missed payments.
The inconsistency is that the decision ultimately ruled that the court did not have jurisdiction to hear the case. <span>Marshall's opinion assumes the Constitution was written in the past tense, whereas it was actually written in the present perfect tense. This results in an internal inconsistency in Marshall's opinion with respect to what the Constitution specifically provides. </span>
Answer:
The answer is a. States benefits are payable to an individual who is related to the deceased insured by blood or marriage
Explanation:
A facility of payment clause is a provision in life insurance that allows the insurance company to choose the beneficiary or give part of the proceeds to someone other than the beneficiary. The company may have the choice of giving the entire death benefit to a relative of the insured, for instance, after his or her death because the official beneficiary is a minor or is also deceased.
Answer:
This is because in a free market, the prices of goods and services are determined by market forces, and the price mechanism will always keep the market at equilibrium.
Explanation:
The free market is a market without government intervention, equilibrium price and quantity are determined by the interaction of the market forces, also called price mechanism , which Adams Smith referred to as the invisible hands in the market.
The free market cannot operate outside the equilibrium because, the market forces will always keep the market towards equilibrium. Even if equilibrium is distorted, as a result of any shock, the market forces will bring the market towards equilibrium all things being equal, except there is market failure.
a free market is a market in which prices of goods and services are set by demand and supply and are allowed to reach their point of equilibrium without government intervention
