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devlian [24]
3 years ago
9

For federal tax purposes, which of the following is true regarding lump-sum life insurance benefits?

Business
1 answer:
Lorico [155]3 years ago
7 0

Based on the information given, it should be noted that all proceeds are income tax free in the year that they're received.

<h3>What is tax?</h3>

A tax simply means a compulsory levy that's paid by the people or companies to the government. It's important to achieve economic development.

For federal tax purposes regarding lump-sum life insurance benefits, it should be noted that all proceeds are income tax free in the year that they're received.

Learn more about tax on:

brainly.com/question/9437038

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It takes 1 hour to travel from new york to Washington dc by air and 4 hours by train The airfare is 200 and the train fare is 85
creativ13 [48]

Answer: I think the train fare.

Explanation:

Not sure if answer is correct. Sorry if I am wrong.

7 0
2 years ago
Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $ 178,000 R
allochka39001 [22]

Answer:

$198,000 and $0

Explanation:

The calculation is shown below:

The Cost of the land is

= Purchase price +  Real estate commissions + Legal fees + Expenses of clearing the land + Expenses to remove old building

= $178,000 + $15,300 + $1,100 + $2,300 + $1,300

= $198,000

As the property is buy for the building site so here no cost will be recognized and allocated to the new building cost

hence, it would be zero

3 0
3 years ago
Overseas Shipping Corporation and Port Storage Company transfer their assets to Quality Operations, Inc., which manages the asse
Nostrana [21]

Based on the information given, it can be illustrated that the form of business organization that's depicted is a business trust.

A business trust is also known as common law trusts. They are legal instruments that provide a trustee the authority and power to be able to manage the interest of a beneficiary in a business.

Since Overseas Shipping Corporation and Port Storage Company transfer their assets to Quality Operations, Inc., which manages the assets and distributes the profits to the beneficiaries. This is known as a business trust.

Learn more about businesses on:

brainly.com/question/24388522

3 0
2 years ago
What is "principal"?
nataly862011 [7]

Answer:

A person in school with more authority than teachers

Explanation:

Principal = A person above teachers in school

Principle = An important rule or moral

6 0
3 years ago
Transferable skills necessary for successful employment include _____. A. Basic skills b. Thinking skills c. Personal qualities
Aleonysh [2.5K]

Transferable skills necessary for successful employment include D. All of the above. Basic skills, thinking skills and personal qualities are all transferable skills necessary for successful employment. These skills and qualities are all important when applying for and keeping a job. An employer wants to see an employee that is hard wokring, will think and apply that to the task and work well with others.

3 0
3 years ago
Read 2 more answers
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