Ginger will owe income taxes and a 10% penalty on $50,000 of the following statements is correct.
Taxable Amount = ( $90,000 - $40,000 ) = $50,000
As the Distribution of Fund is at age 45 which is less than 59.5 , then it subject to 10% penalty
An income tax is a tax imposed on people or entities in respect of the earnings or income earned by means of them. profits tax usually is computed because the made of a tax charge instances the taxable income. Taxation quotes may additionally vary by kind or characteristics of the taxpayer and the kind of earnings.
For instance, if you earn $1,000 in a kingdom with a flat earnings tax fee of 10%, $one hundred in earnings taxes have to be withheld from your paycheck whilst you earn that profits.
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Answer:
Large most likely reports net cash outflows from investing activities of $9 million.
Explanation:
Large Corporation
Statement of cash flows (extract)
$ in millions
Purchase of patent ($14)
Proceeds from sale of land and buildings 24
Cash paid to acquire office equipment (19)
Net cash flows from investing activities ($9)
Note that the purchase of treasury stock belongs to financing activities section of the cash flows, while gain from sale of land and buildings and investment revenue belong to operating activities section of the cash flows
Answer:
The daughter and the son, unless the son does not pay his debt, which result in the lender owning interest to the land.
In this case the land was owned by three tenants, and the actions of one tenant may affect only their interest on the land, not the interest of the other tenants. Therefore the brother is still owner of the land unless he doesn't pay and the lender takes possession of joint tenancy of the land with the sister (or daughter to the deceased parents).
When the daughter conveyed her interest to a friend she only severed her own interest in the land, not the other tenants'. Since the friend and the wife stated in their will that the daughter was to inherit their share in the land, when they died the daughter regained ownership of the land (at least 2/3 ownership of the land).
At the end, the daughter will own 2/3 of the land and the son (or lender if he doesn't pay) will own the other 1/3 of the land.
