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FinnZ [79.3K]
3 years ago
6

How to report sale of inherited property on tax return?

Business
1 answer:
IrinaVladis [17]3 years ago
3 0

Your share of the sales proceeds from the sale of a home you had inherited should be reported on Schedule D in the Investment Income section of TaxAct. You would enter "Inherited" as the date the property was acquired, then enter the cost basis, date of sale, and the sales proceeds.

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Which of the following best describes why German firms were nationalized after World War II?
Akimi4 [234]

Answer:

<u>D. Happenstance.</u>

Explanation:

The fact that German firms were nationalized has often been regarded as mere happenstance; meaning it just occurred based on the circumstances they were in immediately after World War II.

It thus encompasses several factors such as the cost of operations, changes in government, etc, not just one factor.

3 0
4 years ago
Which of the following individual situations typically leads to increased income needs, reduced risk tolerance, and greater need
bazaltina [42]

Answer:

The correct answer is option C) Responsibility for others

Explanation:

Being responsible for the financial needs for others is one of the biggest factors that leads the individual towards increased income, reduced risk and increases future financial protection.

They have to pay for not only themselves, but others too, most commonly their family. Therefore, they think of investing in assets that have a high profit return and low risk of failure such as buying a property for future purposes or looking for a job that has more long term privileges.

4 0
3 years ago
Logan Corporation has 30 employees, 10 in "A-line," and 20 in "B-line." Logan incurred $180,000 in fringe benefits costs last ye
fomenos

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Logan Corporation has 30 employees, 10 in "A-line," and 20 in "B-line." Logan incurred $180,000 in fringe benefits costs last year.

First, we need to calculate the allocation rate based on number of employees:

Estimated allocation rate= total estimated fringe costs for the period/ total amount of allocation base

Estimated allocation rate= 180,000/30= $6,000 per employee.

Now, we can allocate fringe costs to the A-line:

Allocated fringe costs= Estimated Estimated allocation rate* Actual amount of allocation base

Allocated fringe costs= 6,000*10= $60,000

3 0
3 years ago
Which factor or factors listed below are internal influences on a loan’s interest rate?
Romashka-Z-Leto [24]
There is only one factor listed here that is internal influeence on a loan's interest and that is the secind one, which is called collateral offered by the borrower. The rest of them are not internal influences, they are a little bit more of external. Hope this works
6 0
3 years ago
Read 2 more answers
Gillock, Inc. uses MACRS for its income tax return and the straight-line method for its financial statements. On January 1, Year
Sloan [31]

Answer:

A deferred tax liability will be reported on the balance sheet

b) trademark

as longterm assets refers to those assets that will not become cash within a one-year period

Explanation:

As the accounting makes the depreciaiton of the asset among 8 years

while the MACRS (depreciaiton for tax purposes) does it in 5 years

the company will pay lower income taxes now but, higher in the future

creating a tax liability as the tax relief occurs now.

Calculations:

Account Depreciation Expense

(cost - salvage value )/ useful life =

(130,000 - 10,000)/ 8 years = 8,000

Tax-purpose depreciation expense

130,000 x 20% = 26,000

There is a tax difference of (26,000 - 8,000) x corporate income tax

3 0
3 years ago
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