Monty loaned his friend Ned $12,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remaining balance was $9,000, Ned filed for bankruptcy and notified Monty that he would be unable to pay the balance on the loan. Monty treated the $9,000 as a nonbusiness bad debt. Last year, before considering the tax implications of the nonbusiness bad debt, Monty had capital gains of $3,600 and taxable income of $33,250. During the current year, Ned paid Monty $8,100 in satisfaction of the debt.

Determine Monty's tax treatment for the $8,100 received in the current year.

The nonbusiness bad debt of $9,000 would have been reported as a short-term capital loss , and $_________ would be included in Monty's gross income.

Answers

Answer 1

Answer:

$ 6,600

Explanation:

Monty should [tex]$\text{includ}$[/tex]e up to [tex]$\$ 8,100$[/tex] in the gross account but to an extent of the tax benefit in the previous year. Since the debt is a non-business debt, the amount of [tex]$\$ 9,000$[/tex] would be reported as the short term business capital loss.

In the previous year, Monty had a capital gain of [tex]$\$ 3,600$[/tex] and [tex]$\$33,250$[/tex] as taxable income.

Therefore, $ 3,600 + $ 3,000 = $ 6,600

So $ 6,600 out of $ 9,000 loss produced the tax benefit. Therefore, only [tex]$\$6,000$[/tex] can be included in the gross income of Monty for this year.


Related Questions

Under what temperature will the volume of the gas at 0°C double itself if
the pressure is kept constant?​

Answers

Let the volume of the gas at 0°C = Vml.

elobrate on the tertiary sector​

Answers

Answer:

Explanation:

The tertiary sector covers a wide range of activities from commerce to administration, transport, financial and real estate activities, business and personal services, education, health and social work. It is made of: the non-market sector (public administration, education, human health, social work activities).

Answer:

Tertiary Sector is a sector which does not include agriculture and industries in it, however, it includes banking, communication, power, education, health etc.

Explanation:

Tertiary activity consists of all service occupations. Transport, communication, trade, health, education and administration are important examples of tertiary activities. These tertiary activities help in the development of the primary and secondary sectors.

What is the amount of physical goods and services that can be bought with a given amount of money?

Answers

Answer:

please Elaborate like how much money do you have or something

Suppose a consumer is trying to decide how much to spend on transportation and how much to spend on all other ​(non-transportation ​) consumption. The economic model of consumer behavior predicts that the consumer will A. consume an infinite amount of transportation and ​non-transportation consumption. B. consume as much transportation as she can afford without any ​non-transportation consumption. C. consume any combination of transportation and ​non-transportation consumption from among the combinations of transportation and ​non-transportation items she can afford. D. consume as much transportation and as much ​non-transportation consumption as she wants. E. choose the combination of transportation and ​non-transportation consumption that makes her as well off as possible from among the combinations of transportation and ​non-transportation items she can afford.

Answers

Answer:

E. choose the combination of transportation and ​non-transportation consumption that makes her as well off as possible from among the combinations of transportation and ​non-transportation items she can afford.

Explanation:

Economics is a study that focuses on how a consumer can best use scarce resources to satisfy their needs.

The individual will need to make an optimal combination of various activities to maximise satisfaction.

In this case a consumer is trying to decide how much to spend on transportation and how much to spend on all other ​(non-transportation) consumption.

He will have to prioritise the levels of transport and non-transport expenses that will make him well off.

For example if transportation is a priority, 80% of available funds can be spent on this, while the remaining 20% can be spent on non-transport activities.

Please Help me for real not joking.
It 100% my grade

Answers

Answer:

ur jokin

Explanation:

ddoc is what ut sounds like when i pronounce it

An insurance that you pay if your down payment is less than 20 percent of the total cost of the house _____.

a. an ARM
b. an escrow account
c. PMI
d. a balloon loan

Answers

Answer:

Hello There!!

Explanation:

I think the answer is c.PMI because that is the only option which best fits into the sentence.

hope this helps,have a great day!!

~Pinky~

[tex]\huge{\textbf{\textsf{{\color{navy}{An}}{\purple{sw}}{\pink{er}} {\color{pink}{:}}}}}[/tex]

C. PMI

ThanksHope it helps

Market control Multiple Choice does not assume that the interests of the organization and individuals naturally diverge. is based on the idea that employees may share the values, expectations, and goals of the organization and act in accordance with them. includes such items as budgets, statistical reports, and performance appraisals. uses prices, competition, and exchange relationships to regulate activities. is the use of rules, standards, regulations, hierarchy and legitimate authority to guide performance.

Answers

Answer: uses prices, competition, and exchange relationships to regulate activities.

Explanation:

Market control involves using pricing mechanisms and exchange relations for the regulation of organizational activities. In market control, competition, prices, and exchange relationships are used to regulate the activities.

The option about the assumption that the interests of the organization and individuals naturally diverge is the clan control.

PLEASE HELP!!! WILL GIVE BRAINLIEST
Celena is interested in working in the biotechnology field one day and wants to start exploring and learning more about the field in general right now. What career cluster should Celena begin investigating in order to learn more about working in biotechnology?

A.
finance

B.
agriculture, food, and natural resources

C.
architecture and construction

D.
education and training

Answers

Answer:

The answer is B

Explanation:

Please give me Brainliest. Thank you!

Answer:

B

Explanation:

which of these generally represents the last channel member in a distribution channel ?
a.the producer
b.the wholesaler
c.the consumer
d.the retailer

Answers

it’s c; the consumer

The consumer is generally representing the last channel member in a distribution channel. This option C is correct.

What is the  distribution channel?

A distribution channel is defined as a route that a product or service might take to reach the market. With the help of the distribution channel, the corporation sells directly to the consumer, typically via their website or retail shop.

Wholesalers, retailers, distributors, and the Internet are examples of distribution channels. The manufacturer sells directly to the customer through a direct distribution channel.

Multiple intermediaries are involved in indirect routes before the product reaches the customer. One of the most popular and efficient distribution methods is the store. Department stores, Supermarkets, specialized stores, and big-box retailers are examples of retailers.

Therefore, option C is correct, that In general, the consumer represents the final channel member in a distribution channel.

Learn more about the distribution channel, refer to:

https://brainly.com/question/15774206

#SPJ2

provide some of your thoughts on what “dress for success” means to you, and give some examples

i’ll give brainliest to best answer pls help!

Answers

I believe it means dress appropriately. Wear a suit or a dress and looks successful. Dress as the person you want to be.

Although the use of DDT was banned in the United States in 1972, a test of the body tissue of an average United States resident today would most likely reveal the presence of DDT because DDT is the breakdown product of some newer pesticides on the market DDT is the breakdown product of some newer pesticides on the market A DDT is water soluble DDT is water soluble B other countries that export produce to the United States still use DDT other countries that export produce to the United States still use DDT C many farmers in the United States are still using DDT illegally many farmers in the United States are still using DDT illegally D DDT is naturally produced by many plants

Answers

Answer:

DDT is the breakdown product of some newer pesticides on the market

Explanation:

.

Although the use of DDT was banned in the United States in 1972, a test of the body tissue of an average United States resident today would most likely reveal the presence of DDT because  DDT is the breakdown product of some newer pesticides on the market. Other countries that export produce to the United States still use DDT.

What is DDT?

DDT, or dichlorodiphenyltrichloroethane, is a colorless, tasteless, and practically odorless crystalline chemical compound that is an organochloride. Developed as an insecticide, it became notorious for its environmental effects. Othmar Zeidler, an Austrian scientist, created DDT for the first time in 1874.

DDT (dichlorodiphenyltrichloroethane) is an agricultural insecticide. DDT was prohibited in the United States in 1972. DDT is still used in some areas outside the United States to control mosquitos that cause malaria.

Therefore, option B is correct.

To learn more on DDT, click here:

https://brainly.com/question/3929073

#SPJ2

Bateman Enterprises invested in the bonds of Greater Gloucester on January​ 1, 2018. These 10minus​year, $ 400 comma 000 bonds pay interest of 3​% with semiannual payments every June 30 and December 31. The effective rate of interest for similar bonds on January 1 was​ 4%. What is the semiminusannual interest payment received by Bateman for these​ bonds?

Answers

Explanation:

[tex] \frac{400 \times 10 \times 4}{100} \\ \frac{16000}{100} \\ 160 \\ \frac{1}{25} \times 160 \\ 6.4 \: intrest[/tex]

Type the correct answer in the box. Spell all words correctly.

Which cost is dependent on production volume?

_____ cost is dependent on production volume.

Answers

Answer:

Variable costs

Explanation:

Variable costs are dependent on production output. The variable cost of production is a constant amount per unit produced. As the volume of production and output increases, variable costs will also increase.

Answer:

Variable cost

Explanation:

The amount of surface area on an uncored block that has holes extending through it is equal to less than ________.

Answers

The answer is (Less that 10%).

Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When recording the collection from the customer made withi n the discount period, in its cash receipts jounal, Maxie's would enter: A) S2,574 in the Cash Dr. column, $26 in the Sales Discount Dr. column and $2,600 in the Accounts Receivable Cr.column. B) $2,600 in the Cash Dr. column. $2,600 in the Sales Cr. column, and $1,700 in the Cost of Goods Sold Dr/Inventory Cr.column. C) $2,600 in the Cash Dr. column and $2,600 in the Accounts Receivable Cr.column. D) $2,600 in the Accounts Receivable Dr/Sales Cr. column and $2,600 in the Cash Cr. column E) $2,574 in the Cash Dr. column and $2,574 in the Accounts Receivable Cr.column.

Answers

Answer:

A) S2,574 in the Cash Dr. column, $26 in the Sales Discount Dr. column and $2,600 in the Accounts Receivable Cr.column.

Explanation:

In the case when we have to record the collection from the customer within the discount period so the following journal entry should be made

Cash  Dr $2,574

Sales discount Dr $26 (1% of $2,600)

        To Account receivable $2,600

(Being collection is recorded)

Here the cash and sales discount is debited as it increased the assets and it reduced the sales on the other hand the account receivable is credited as it decreased the assets

Identify which of these habits could result in credit issues.
A. paying for large purchases in cash
B. loaning money to a creditworthy person
C. spending money within a personal budget
D. charging money on multiple credit cards and not making payments

Answers

The answer is D because If you don't pay your credit card bill you will receive increased interest rates and incur damages to your credit score.

There are many different ways interviews can be conducted, including face-to-face, distance, group, and performance . Which style would you prefer the most? Why? Which style would you prefer the least? Why? << Read Less

Answers

Personally I would want a face-to-face interview. This is because of many factors. When you are in person you tend to absorb more information about the person. Scientifically speaking, you smell, see, and hear the person you are interviewing or being interviewed by, which proves that you know more about them. You also can interact better because of no physical distance, glitching, and or interruption. The style l least prefer is group interviews. This is because of how many people consist of the group. It could be from 2-1,000,000 and it still would make things harder. Individual interviewing let’s you learn more about the person in particular rather than juggling a entire group of mixed personalities. Add more and maybe put more detail and you have a outstanding essay. Or opinion. Depends on what you wanted. Have a great day!

If a company would need to increase net working capital to start a potential new project how should it be treated in the project's cash flow analysis? a. The increase in net working capital should be an inflow as part of the project's initial cash flow. b. The increase in net working capital should be an outflow as part of the project's initial cash flow c. The increase in net working capital times (one minus the company's tax rate) should be an outflow as part of the project's initial cash flow. d. The increase in net working capital times (one minus the company's tax rate) should be an inflow as part of the project's initial cash flow.

Answers

Answer:

C

Explanation:

Working capital is the capital used in the daily running of a business.

Working capital = current assets - current liabilities

Working capital is a form of expenditure for the firm.

Thus it is an outflow.

Working capital should be recorded after tax. tax should be subtracted from working capital to determine the eventual outflow

An increase in working capital means more cash is being used in the business. this cash cannot be used elsewhere. this reduces the amount of cash the business can use for other activities. this is why it is an outflow

A sports coach running a junior coaching programme was interested in examining the differences in children's fitness performance scores across four different coaching regimes. She was particularly interested in whether the regime the child was in had a possible influence on the child's fitness performance score. She ran an ANOVA with the predictor variable 'coaching regime', which had four categories, 'Yellow group', 'Green group', 'Pink group' and 'Purple group'; the outcome variable was 'fitness performance score'. Her ANOVA had an F-statistic of 98.12 (p 0.02). How would you interpret her findings?

Answers

Answer:

A sports coach running a junior coaching programme was interested in examining the differences in children's fitness performance scores across four different coaching regimes. She was particularly interested in whether the regime the child was in had a possible influence on the child's fitness performance score. She ran an ANOVA with the predictor variable 'coaching regime', which had four categories, 'Yellow group', 'Green group', 'Pink group' and 'Purple group'; the outcome variable was 'fitness performance score'. Her ANOVA had an F-statistic of 98.12 (p 0.02). How would you interpret her findings?

Explanation:

Hannah Ortega is considering expanding her business. She plans to hire a salesperson to cover trade shows. Because of compensation, travel expenses, and booth rental, fixed costs for a trade show are expected to be $15,990. The booth will be open 39 hours during the trade show. Ms. Ortega also plans to add a new product line, ProOffice, which will cost $184 per package. She will continue to sell the existing product, EZRecords, which costs $105 per package. Ms. Garcia believes that the salesperson will spend approximately 29 hours selling EZRecords and 10 hours marketing ProOffice. Required Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 76 units of EZRecords and 53 units of ProOffice. Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 200 units of EZRecords and 99 units of ProOffice.

Answers

Answer and Explanation:

The computation of the estimated total cost & the cost per unit is given below:

For 76 units & 52 units

For EZRecords

Total cost = Fixed cost + variable cost

where

Fixed cost = $15,990 × 29 hours ÷ 39 hours

= $11,890

And, the variable cost is

= 76 units × $105

= $7,980

So, the total cost is

= $11,890 + $7,980

= $19,870

And, the cost per unit is

= $19,870 ÷ 76 units

= $261.45

For Pro office

Total cost = Fixed cost + variable cost

where

Fixed cost = $15,990 × 10 hours ÷ 39 hours

= $4,100

And, the variable cost is

= 53 units × $184

= $9,752

So, the total cost is

= $4,100 + $9,752

= $13,852

And, the cost per unit is

= $13,850 ÷ 53 units

= $261.35

For 200 units & 99 units

For EZRecords

Total cost = Fixed cost + variable cost

where

Fixed cost = $15,990 × 29 hours ÷ 39 hours

= $11,890

And, the variable cost is

= 200 units × $105

= $21,000

So, the total cost is

= $11,890 + $21,000

= $31,890

And, the cost per unit is

= $31,890 ÷ 200 units

= $159.45

For Pro office

Total cost = Fixed cost + variable cost

where

Fixed cost = $15,990 × 10 hours ÷ 39 hours

= $4,100

And, the variable cost is

= 99 units × $184

= $18,216

So, the total cost is

= $4,100 + $18,216

= $22,316

And, the cost per unit is

= $22,316 ÷ 99 units

= $225.41

A recent high school graduate is researching ways she can pay for her college education. She has received three small scholarships, but still needs to pay for
most of the tuition herself. Which of these options may be available to help her pay for her education? Select all that apply.
A. mortgage loan
B. Perkins loan
C. private loan
D. Stafford loan
E. payday loan
E business loan

Answers

Answer:

C and D

Explanation:

My expertise is sucking d1ck #Po4n⭐4life

Sarah transferred $450.00 from her savings account to her checking account. She'll use the check register to record her transaction. What will be her new balance? An account statement has a balance of 250 dollars and 5 cents.

Answers

Answer:

700.05

Explanation:

Right answer on edge, you're welcome :))

Her account will now have a balance of $700.05.

What is financial transaction?

An agreement or communication between a buyer and a seller to trade products, services, or assets in exchange for money is a financial transaction. Any transaction involves a shift in the financial situation of two or more entities, whether they be people or businesses. Every financial transaction involves at least one financial asset, most frequently money or another pricey thing like gold or silver.

Financial transactions come in a wide variety of forms. The most frequent kind, purchases, take place when a consumer is sold a thing, service, or other commodity in exchange for money. The majority of purchases are made with cash, which can be physical money, debit cards, or checks. The second primary method of payment is credit, which allows for instant access to money in exchange for future payback.

Learn more about financial transaction, from:

brainly.com/question/29482749

#SPJ5

Question: Assume that an equity investment that lacks significant influence is sold. Which of the following would be included in the two entries to record the sale? (Select all that apply.) Check All That Apply An update of the Fair value adjustment account An update of the Fair value adjustment account Removal of the related investment account balances Removal of the related investment account balances The total amount of gain or loss that has occurred since the securities were purchased The total amount of gain or loss that has occurred since the securities were purchased The amount of the unrealized holding gain or loss that has occurred since the end of the prior accounting period

Answers

Answer:

- An update of the Fair value adjustment account

- Removal of the related investment account balances

- The amount of the unrealized holding gain or loss that has occurred since the end of the prior accounting period

Explanation:

Describe where you are in life right now. What makes you most excited about where you are now? What questions do you have, and what are you worried about????

Answers

You say: “I'm excited to see there's a lot of opportunity to use advanced computer skills in this position. Being able to build my skills and continue to develop in a growing company is important to me, and there seems to be long-term opportunities here.”

Answer:

I'm in my lowest point tbh my family is stressed, mom and dad don't care about me, can't help me with school, and we are pretty much broke

I am exited about having a bf this year

When am I going to find peace in my life and when will my parents care about me again?

I am worried I will have to live on my own soon and I'm not ready yet ;(

Explanation:

this is gonna be weird but thank you for asking this question

I feel a bit better already :)

What are some interview tips?

Answers

Answer:

give em a stong hand shake :)

Explanation:

Donald Trump wanted to pull us out of the WTO because he thought China was cheating. Would you stay in or leave?

Answers

Answer: I hate Trump and would make him eat tortilla chip vertically :/

Explanation:

My next photo How's it​

Answers

Answer:

beautiful shot

Explanation:

can u mark me as brainliest plsss

20kg of beans at #150/kg are mixed with 15kg of beans at #180/kg , if the mixture is sold at #200/kg , calculate the percentage profit and correct to 3s f​

Answers

Answer: 18.6%

Explanation:

Cost of 20 kg of beans at #150 per kg is:

= 20 * 150

= #3,000

Cost of 15 kg of beans at #180 per kg is:

= 15 * 180

= #2,700

Total cost is:

= 3,000 + 2,700

= #5,700

Mixing both beans results in a weight of:

= 20 + 15

= 35 kg

This 35kg is sold at #200 per kg so the revenue is:

= 35 * 200

= #7,000

Percentage profit is:

= (Revenue - Cost) / Revenue * 100%

= (7,000 - 5,700) / 7,000 * 100%

= 18.6%

Samira is a freshman basketball player who hopes to go to college on a basketball scholarship. She is offered the chance to play on her school’s varsity basketball team, which plays in tournaments during holiday breaks. Samira usually spends her breaks working at the local hardware store. After careful consideration, Samira decides to stay on the freshman basketball team and keep working over breaks.



The fact that Samira may miss out on a scholarship opportunity by staying on the freshman team illustrates

a cause.
minor consequences.
a tradeoff.
unexpected risk.

Answers

Answer:

a tradeoff.

Explanation:

Because wants are unlimited and the resources available to satisfy these wants are limited, economic agents must undergo tradeoff

Tradeoff is the opportunity cost of taking a particular decision

Opportunity cost of the next best option forgone when one alternative is chosen over other alternatives

Samira's opportunity cost is missing out of the scholarship opportunity

to help in making tradeoff, the scale of preference should be constructed. the scale of preference orders the choices available to an economic agent in terms of importance

Answer:

a tradeoff.

Explanation:

In your own words, explain why we pay taxes.

Answers

Answer: To help support public schools and the economy.

Explanation:

Other Questions
Answers????????????? In context, the authors tone when discussing the presumptive connexion in the last sentence of the last paragraph is best described asresignedAapprehensiveBjoyfulCdismissiveDindifferentE true or false: The early Koreans were nomadic people who migrated from northern or central Asia Marilyn Manson anybody else a fan ? There are 22,521 more people living in the suburbs of a city than in the city. If 17,245 people live in the city, how many people live in the suburbs? Which of the following is the correct order of the polynomial 4x^ 2 -6x^ 4 -x+2x^ 5 +1? a firm has ebit of 1,000,000 and depreciation expense of 400,000. fixed charges total 600,000. interest expense totals 70,000. what is the firm cash coverage ratio. kirans aunt is 15 years older than kiran. how old will kirans aunt be when kiran is 13? how old will kiran be when his aunt is 60 years old? how did the cold war impact the united states The average number of slam dunks between the sophomore basketball league members is 20. The average number of slam dunks between the sophomore and junior basketball league members is 30. If there are 40 members in the sophomore league and 20 members in the junior league, how many slam dunks are made in the junior league? what is the absolute value of 10? A Sound of ThunderPersonification is the giving of human characteristics to something non-human. Provide an example of personification from the story. Explain why this personification is important. Fathers and AngelsWes stared back at me after I'd asked my question, letting a moment pass and a smirk flicker across hisface before responding.-1 really haven't thought too deeply about his impact on my life because, really, he didn't have one."Wes leaned back in his seat and threw an even stare at me."Come on, man," I pressed on. "You don't think about how things would have been different if he'd beenthere? If he cared enough to be there?""No, I don't. The lower half of his face was shrouded by the long beard that he'd grown, an outward signof the Islamic faith he'd adopted in prison. His eyes danced with bemusement. He was not moved by myemotional questioning. "Listen," he went on. "Your father wasn't there because he couldn't be, my fatherwasn't there because he chose not to be. We're going to mourn their absence in different ways."This was one of our first visits. I had driven a half hour from my Baltimore home into the woody hills ofcentral Maryland to Jessup Correctional Institution to see Wes. Immediately upon entering the building,was sternly questioned by an armed guard and searched to ensure I wasn't bringing in anything thatcould be passed on to Wes. Once I was cleared, another guard escorted me to a large room thatreminded me of a public school cafeteria. This was the secured area where prisoners and their visitorscame together. Armed guards systematically paced around the room. Long tables with low metal dividersseparating the visitors from the visited were the only furnishings. The prisoners were marched in dressedin orange or blue jumpsuits, or gray sweat suits with "DOC" emblazoned across the chests. The uniformsreinforced the myriad other signals around us: the prisoners were owned by the state. Lucky inmateswere allowed to sit across regular tables from loved ones. They could exchange an initial hug and thentalk face-to-face. The rest had to talk to their families and friends through bulletproof glass using atelephone, visitor and prisoner connected by receivers they held tight to their earsJust as I was about to ask another question, Wes interrupted me."Let me ask you a question. You come here and ask me all these questions, but you haven't shared any ofyourself up with me. So tell me what impact did your father not being there have on your childhood?""I don't know-"I was about to say more when I realized that I didn't really have more to say"Do you miss him?" he asked me."Every day. All the time." I replied softly, I was having trouble finding my voice. It always amazed me howcould love so deeply, so intensely, someone I barely knew. I was taught to remember, but never question.Wes was taught to forget, and never ask why. We learned our lessons well and were showing them of to atee We sat there just a few feet from each other, both silent, pondering an absence.(1)Where is this conversation taking place?(2)Who are the 2 people talking?(3)What do they talk about in their conversation? please help and show work please Hey can you help me fast!! What is Paylor's motive for allowing Katniss to come face to face with Snow?(in mockingjay) Pls help no links pls two angel measures in a triangle are 47 and 43. what type of triangle is it? If you have 2 cans of tomato soup, 3 cans of chicken soup, 2 cans of cheese soup, 2 cans of potato soup and 1 can of beef soup what is the probability that he will choose a ca of tomato and a can of cheese soup Select all equations whose graphs have a vertex with x-coordinate 2A. y=(x-2)(x-4)B. y=(x-2)(x+2)C. y=(x-1)(x-3)D. y=x(x+4)E. y=x(x-4)