The amount paid for the discount points is $2,700
What do 3 points on the loan mean?
The 3 points mean that the borrower needs to pay 3% of the loan amount in order to enjoy a lower interest on the mortgage loan, in other words, the amount paid for the discount points is 3% of the loan amount of $90,000
amount paid for the discount=points*loan amount
loan amount=$90,000(not $120,000 which is the property purchase price)
amount paid for the discount=3%*$90,000
amount paid for the discount=$2,700
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Answer:
Clarence must file his tax returns on schedule C which is April 15, 2020 (for 2019 taxes).
Explanation:
As a sole proprietor of a small business Clarence must include his personal tax return when he files the sole proprietorship's tax returns. Tax returns must be filed on different dates depending on what type of business is filing:
- Sole proprietorship and single-member LLC by April 15, 2020.
- Partnership by March 16, 2020.
- Multiple-member LLC by March 15, 2020.
- S corporation by March 15, 2020.
- Other corporations (not S corporations) by the 15th day of the 4th month after their fiscal year ends.
The statement in the question is True.
<u>Explanation:</u>
In statistics, the residual sum of squares (RSS), otherwise called the sum of squared residuals (SSR) or the total of squared estimate of errors (SSE), is the aggregate of the squares of residuals (deviations anticipated from real observational estimations of information). It is a proportion of the error between the information and an estimation model.
A little RSS demonstrates a tight attack of the model to the information. It is utilized as an optimality standard in parameter determination and model choice.
They must have good communication manners and be polite
