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devlian [24]
2 years ago
9

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

Business
1 answer:
Lorico [155]2 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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Under a _____ exchange rate regime, a country will attach the value of its currency to that of a major currency.
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There may be a maximum balance requirement for a savings account.<br> True<br> False
luda_lava [24]

Answer:

true

Explanation:

For example, if a bank account has a $100 minimum balance requirement, you want to make sure that you don't let your balance fall to $99.99 or less.

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3 years ago
On January 1, Year 1, the Hoverman Corporation made amendments to its defined benefit pension plan, resulting in $150,000 of pas
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Answer:

Check the explanation

Explanation:

a)

In IFRS according to IAS 19 all past service cost is recognized in the net income in the period in which amendment (change) is made by entity for defined benefit pension, it does not matter what is the status of the employees who will benefit the change. So in Year 1 $150000 will be expended completely and in subsequent years the amount is $0

Year 1 =$150000

Subsequent years= $0

b) In US GAAP the past service cost is recorded in Accumulated other comprehensive income in the year of amendment. It is amortized over the future working life of the participants.

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3 0
3 years ago
At what debt to income ratio might a Marine be considered overextended
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Answer:

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According to this, a Marine might be considered overextended when the debt to income ratio is between 21% to 30%.

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WHATS THE REST OF THE QUESTION ?
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