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kodGreya [7K]
4 years ago
11

Barry has a successful methamphetamine laboratory. Producing methamphetamine is illegal under federal law. Is Barry required by

law to report the income from his lab on his tax return? Why?
Business
1 answer:
Rufina [12.5K]4 years ago
4 0

Answer:

Yes, Barry is required by law to report the income from his lab on his tax return.

Explanation:

The provision of Internal Revenue Code (IRC) enacted by US congress give no exception for illegal income tax and where there is no explicit exception, taxable income is all income from whatever source it was derived be it legal or illegal.

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Last year Ace charged $1,466,667 Depreciation on the Income Statement of Andrews. If early this year Ace purchased a new depreci
SashulF [63]

Answer:

Correct option is d)

Explanation:

Assuming all other things same as that of last year, with purchase of new asset, depreciation expense will increase, with that net income from operations will decrease, in cash flow statement when such depreciation will be added back then the net income from operations will decrease accordingly, therefore, there will be no impact of increase in depreciation on cash flow from operations.

Further such purchase of new asset will increase the balance of fixed assets in balance sheet and therefore, will only impact on balance sheet.

Thus correct option is d)

8 0
4 years ago
What factor is usually agreed upon prior to the submission of a purchase order?
tester [92]

Answer:

number of products to be purchased

Explanation:

A purchase order is prepared by a customer and addressed to a trader.  The document instructs the trader to supply the customer with the goods stated in the purchase order document.

Before a customer writes the purchase order, an agreement is made on the quantity to be ordered. The trader has to confirm that they have the required quantity in the stores, or it will be availed within a reasonable time.

The price is agreed at the quotation stage. The customer first sends an inquiry, which the customer responds to with a quotation.

4 0
3 years ago
As you approach potential investors for you new business, it's important to present them with
algol13
B c I think I'm not sure look it up
5 0
3 years ago
Read 2 more answers
To finance some manufacturing tools it needs for the next 3 years, waldrop corporation is considering a leasing arrangement. the
KATRIN_1 [288]
"The answer is $106".

After tax cost of debt               6%
Dep per year                          1600
Tax sav from dep                   640
cost of owning       0               1
interest                                  -480
tax saving                               192
maintence                                 -240
maintenece saving                     96
Depn tax saving                          640
loan repay
net cash cost                              208
PV cost of owning (6%)             -3474
cost of leasing
lease payment                           -2100
Tax savings from lease                840
net cash cost                           -1260
PV cost lease 6%                     -3368
PV cost own - Pv cost lease       106
3 0
3 years ago
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a yea
kobusy [5.1K]

Answer: The correct answer is "a. $26,000".

Explanation: Implicit costs: Also known as opportunity costs have to do with alternative profit options, or money that we no longer receive when performing certain commercial actions.

A person incurs implicit costs when he waives an alternative action.

Implicit costs: $20000 + $6000 = $26000.

5 0
4 years ago
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