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FinnZ [79.3K]
2 years ago
6

How to report sale of inherited property on tax return?

Business
1 answer:
IrinaVladis [17]2 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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Keisler's has cost of goods sold of $11,518, interest expense of $315, dividends of $420, depreciation of $811, and a change in
True [87]
Solving: 420+296 = 716
716/(1-.21) = 906.33

Answer: $906.33
6 0
2 years ago
the 2010 federal budget for the united states includes spending $164 billion to pay interest on the national debt. if this amoun
Irina-Kira [14]

The total federal budget based on the budgeted interest on national debt is $3550 billion($3.55 trillion)

What percentage of the budget is $164 billion on national budget?

The spending on interest regarding the national debt is 4.62% of the entire federal budget, on that basis, we can convert the 4.62% to what 1% term and multiply that by 100% to ascertain the total federal budget.

4.62% of federal budget=$164 billion

1 % of federal budget=$164 billion/4.62

1 % of federal budget=$35.50 billion

100% of federal budget=$35.50 billion*100

100% of federal budget=$3.55 trillion

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6 0
1 year ago
Orin creates an irrevocable living trust to pass his 1/3rd of his assets, including stock in Petro Oil Company and other busines
Lera25 [3.4K]

Answer:

C. Except it isn't Orin that will avoid the taxes, but his heirs.

Explanation:

3 0
2 years ago
A common type of partnership that involves a managing partner and a financial partner is known as a(n):________
balandron [24]

A general partnership is a partnership when all partners share in the profits, managerial responsibilities, and liability for debts equally.

<h3>What is general partnership?</h3>

A general partnership, the most basic type of partnership under common law, is an organization of people or an unincorporated company that has the following major characteristics: Agreement, proof of existence, and estoppel must all be used to create it.

Two conditions must be met in order to form a general partnership: The company must have at least two owners. All partners must agree to accept unlimited personal responsibility for any debts or legal liabilities incurred by the partnership.

Unless otherwise stated in the agreement, all partners in a general partnership have equal standing and the authority to participate in the management of the business. When a decision must be made, each partner is usually given one equal vote.

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7 0
1 year ago
A firm with unlimited funds must evaluate five projects. Projects 1 and 2 are independent and Projects 3, 4, and 5 are mutually
neonofarm [45]

Answer:

4, 1, 2,

Explanation:

Here are the projects and their returns

Project Return (%)

1 14

2 12

3 10

4 15

5            12

the firm should choose the project with the highest returns

Projects are mutually exclusive if the projects cannot occur at the same time. If one project is chosen, the others cannot be chosen.

Project 3,4,5 are mutually exclusive. If one of the projects are chosen, other projects cannot be chosen.

Project 4 has the highest return, so it would be chosen first.

the next project with the next highest return is project 1 and then project 2

3 0
2 years ago
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