The incorrect statement is : The income from the TSA is received income tax-free. Upon retirement, payments received by employees from the accumulated savings in tax-sheltered annuities are treated as ordinary income.
Answer:
Beaver's total taxable income and federal income text paid as result of distribution is $500,000 and $105,000 respectively.
Explanation:
The computation of the taxable income and the federal income is shown below:
Taxable income = Taxable income + loss
= $500,000 + $0
= $500,000
Since the fair value is $20,000 is less than the mortgage on land i.e $25,000 so it would be a loss of $5,000 which would not be considered so we put the value zero.
And, the federal income equal to
= Taxable income × income tax rate
= $500,000 × 21%
= $105,000
Answer:
market trends change constantly, funding fall through, business partners flake, and ideas may go wrong
Variance reports are internal reports for management. They are used primarily for the purposes of internal accounting and auditing.
