Amos is a self-employed tax attorney. He and Monica, his employee, attend a conference in Dallas sponsored by the American Institute of CPAs. The following expenses are incurred during the trip:
a. Amos pays for all of these expenses. Calculate the effect of these expenses on Amos’s AGI.
b. Would your answer to part (a) change if the American Bar Association had sponsored the conference? Explain.
Answers
Amos gross income will be reduced by the total amount of expenses incurred during the trip. The purpose of the conference remains the same, the expenses incurred during the trip remain deductible as business expenses.
a. Deduction of Travel Expenses on AGIA travel expense is the cost of transportation, lodging, and meals as necessary when one is away from home and for business. In a trip, the expenses incurred can be deductible as an adjustment to gross income.
Self-employed tax attorneys like Amos can deduct business expenses that are "ordinary and necessary" when incurred wholly and exclusively in carrying out his or her business operation. Therefore, the total amount of expenses incurred by Amos and Monica during the trip, such as lodging, transportation, and meal expenses, are deductible as an adjustment to gross income (AGI).
Thus, the effect of these expenses on Amos’ AGI is that his gross income will be reduced by the total amount of expenses incurred during the trip. The expenses will be deducted as business expenses because the trip was solely for business purposes.
b. Effect of Conference Sponsor on AGIIf the American Bar Association sponsored the conference instead of the American Institute of CPAs, Amos’s AGI wouldn’t be affected.
The reason for this is that the sponsorship of the conference does not affect the deductibility of the expenses incurred during the trip. What matters most is that the trip’s primary purpose is for business-related activities, and that the expenses incurred are ordinary and necessary for the performance of the business.
Therefore, since the purpose of the conference remains the same, the expenses incurred during the trip remain deductible as business expenses.
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Related Questions
The equilibrium price of a product is determined by
A-Competing firms
B-Government and producers
C-Price floors and ceilings
D-Interaction of supply and demand
Answers
interaction of supply and demand
4.2. Why do you think capital is important?
Answers
Answer:
Capital is important because it's that part of an asset that can be used to repay its depositors, customers, and other claimants in case the bank doesn't have enough liquidity due to losses it suffered in its operations. Capital also helps the bank in times of a liquidity crisis.
a financial plan is most influenced by
Answers
Answer: priorities and goals
Explanation: because
The financial plan is most influenced by priorities and goals Option(b) is correct.
What does Financial Plan means?Overall utilization, a financial plan is a complete assessment of a singular's ongoing compensation and future financial state by utilizing current known factors to foresee future pay, resource values and withdrawal plans.
In business, a financial plan can allude to the three essential financial assertions monetary record, pay explanation, and income proclamation) made inside a field-tested strategy. Financial estimate or financial plan can likewise allude to a yearly projection of pay and costs for an organization, division, or division.
A financial plan can likewise be an assessment of money needs and a choice on the most proficient method to raise the money, like through getting or giving extra offers in an organization A financial plan might contain forthcoming financial explanations, which are comparative, however unique, than a financial plan. Financial plans are the whole financial bookkeeping outline of an organization. Complete financial plans contain all periods and exchange types.
Therefore Option(b) is correct.
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Because it determines which decisions are implemented, the ________ of the DSS is arguably its most important component.
Answers
The Model Builder of the decision support system is the most important component because its is important in determining which decisions to be implemented.
What is decision support system?Decision support system refers to a system used to support judgments and courses of action in an organization or a business.
The decision support system is important because its facilitate business decision-making.
In conclusion, the Model Builder is the most important component of the decision support system.
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QUESTION 3 / 10 What is the first step you should take when you want to open a savings account? A. Review the different savings account options that your bank offers. B. Make your initial deposit. C. Go to the bank and fill out an application. D. Present your photo ID to the bank representative.
Answers
Answer:
A. Review the different savings account options that your bank offers.
. In which phase of the Job Search Journey would you network with others to find job openings?
a. Prepare for the Journey
b. Create Your Resume
c. Apply for Jobs
d. Shine at Interviews
e. Connect, Accept, and Succeed
Answers
Prepare for the Journey and Apply for Jobs are the phases of the Job Search Journey when networking with people to identify job openings takes place. So, choices (A) and (C) are the right answers.
Many job seekers investigate the companies to which they are applying, and some employers view evidence of this as a positive sign of excitement for the position or the firm or as a measure of thoroughness.
Information gathered may include available positions, full names, addresses, websites, Job Search business descriptions, the year the company was founded, sales, the number of employees, the stock price,
if it is publicly traded, Journey the name of the chief executive officer, major goods or services, significant rivals, and strengths and weaknesses.
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Which situations offer examples of Banking and Related Services workers? Check all that apply.
Anna analyzes loan applicants to decide whether to give them loans.
Aaron helps customers put money into and remove money from their accounts.
Jared researches the credit history of people applying for credit.
Tamara reviews the finances of a business to determine whether it is profitable.
Raquel helps individuals and companies prepare their tax forms.
Troy helps a family create a budget to save more money.
Answers
Anna provides loan applicants to decide to give them loans, put money into and remove money from their accounts and Jared researches the credit history, hence options A, B and C are correct.
What are Banking and Related Services workers?The five most significant banking services include checking and savings accounts, loan and mortgage services, wealth management, issuing credit and debit cards, and overdraft services.
An individual who works for a bank and assists customers with standard financial transactions is known as a bank teller or bank clerk.
They do daily tasks that include processing withdrawals, making deposits, and giving customers of bank money orders or cashier's checks.
Therefore, these services also comprise analysis loan applicants with basic features and a device for utilizing the account (such as a debit card and online banking ID), hence options A, B, and C are correct.
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Answer:here the answer for this question
Explanation:edge2023
17. State four roles of water as a nutrient in human nutrition. 18. I) What is photosynthesis. II) State two roles played by photosynthesis in an ecosystem.
Answers
There are four functions for water as a nutrient in human nutrition: Through sweating and respiration, water helps to control body temperature.
State four roles of water as a nutrient in human nutrition.By assisting in the breakdown of food and the transportation of nutrients, water is essential for digestion and nutrient absorption. Blood volume and pressure are maintained with the aid of water. Water hydrates cells and maintains their structural integrity, which is essential for the healthy operation of organs and tissues. I) Green plants and some other organisms use sunlight, carbon dioxide, and water to synthesise their food, producing oxygen as a byproduct in the process. II) In an ecosystem, photosynthesis serves two functions: Production of oxygen: Photosynthesis is responsible for the creation of oxygen, which is necessary for the survival of many living things, including humans.
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Consider the production function
q=[a1z1−1+a2z2−1+α3z3−1]−1
Find the long-run cost function and sketch the long-run and short-run marginal and average cost curves and comment on their form
Answers
The long-run cost function is given by C = w₁z₁ + w₂z₂ + w₃z₃, where C represents the total cost, w₁, w₂, w₃ are the prices of inputs z₁, z₂, z₃ respectively, and z₁, z₂, z₃ are the quantities of inputs used in production. Further analysis, such as sketching the long-run and short-run marginal and average cost curves, would require additional information regarding input prices and production function parameters.
To derive the long-run cost function, we need to determine the input prices and the quantities of inputs used in production. In this case, we have three inputs: z₁, z₂, and z₃, with corresponding prices w₁, w₂, and w₃.
The long-run cost function represents the minimum cost of producing a given level of output in the long run when all inputs are variable. It is the cost-minimizing combination of inputs that achieves a specific level of output.
In this case, the long-run cost function is given by:
C = w₁z₁ + w₂z₂ + w₃z₃
This function calculates the total cost (C) based on the prices of the inputs (w₁, w₂, w₃) and the quantities of inputs used (z₁, z₂, z₃).
Sketching the long-run and short-run marginal and average cost curves would require additional information such as the specific values of the input prices and the production function parameters. Without this information, we cannot accurately draw the curves or comment on their form.
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The founder of a company currently holds 12 million of the 15 million shares in that company. She considers an IPO where she sells a mix of primary shares and 2 million of her own secondary shares for $16 per share. If she wants to retain a 70% ownership of the company, how much money can she raise in this IPO?
Answers
In order to retain a 70% ownership of the company after the IPO, the founder can sell 3 million primary shares (15 million total shares * 0.70 ownership retained) and 2 million secondary shares.
The total number of shares sold would be 5 million (3 million primary + 2 million secondary). At a price of $16 per share, the founder can raise a total of $80 million (5 million shares * $16 per share) in this IPO. The founder can raise $80 million in the IPO by selling a combination of 3 million primary shares and 2 million secondary shares, while still maintaining a 70% ownership of the company.
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A high credit score indicates that you are:
Answers
Answer:
Having a high credit score can reward you in many ways .
With good or excellent credit, you can receive lower interest
rates and qualify for the best rewards credit cards. But if
you think your good credit behavior gives you more leeway
when it comes to paying your credit card bills on time, think
again.
Ca
What's time based management?
Answers
Many workplace safety rules are created by which government agency?
A.
USDA
B.
FTC
C.
FDA
D.
OSHA
Answers
Answer:
OSHA
Explanation:
FDA is food and drug
USDA is the US department of agriculture
FTC is federal trade commision
OSHA is a government organization that develops workplace safety regulations. Thus, the appropriate choice is (D).
What is the role of a Government Agency?A government agency, occasionally an appointed commission, is a permanent or semi-permanent institution within the legislative, executive, and judicial branches of government that is tasked with supervising and managing a variety of tasks, including administration.
Agency kinds come in a wide range. A government agency is often distinct from a department, ministry, and other sorts of public bodies established by the government, notwithstanding terminology differences. Since different sorts of organizations (such commissions) are typically established in an advising capacity,
The boundary between executive and advisory tasks of an agency is sometimes blurred in reality, yet it is not permitted.
Within a federal system, an agency of the government may be founded by either the federal government or a state government.
Hence the correct option is (D).
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Graeter’s hired management consultants to help improve its training procedures and expand distribution. “I think my cousins and I all have come to realize we can’t do it alone,” says the CEO. Why do you think the management team made this decision? Does the involvement of outside consultants move Graeter’s further from its roots as a family business?
Answers
It should be noted that a lack of knowledge and experience may have contributed to the management's perception that this was the case, and hiring outside consultants can help to pitch training and expanding distribution in more effective ways because they have knowledge and a significant amount of experience handling the problems as a whole.
What is management's perception?Management's perception is defined as a method that enables you to comprehend how your actions, words, physical appearance, and decisions affect how other people see you.
Truth projection, operational security, cover and deception, and psychological operations are all combined in perception management.
It should be noted that Graeter's decision to halt franchising is something that should be taken into consideration because it remains one of the simplest entrance points with a relatively low financial risk, but as time goes on, a franchise model that lacks training and experience cannot function.
Thus, it should be noted that a lack of knowledge and experience may have contributed to the management's perception that this was the case, and hiring outside consultants can help to pitch training and expanding distribution in more effective ways because they have knowledge and a significant amount of experience handling the problems as a whole.
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From each paycheck of your afterschool job, you’re able to save $45 toward the coat. You get paid twice a month. How many months will it take you to save enough money to buy your North Face jacket.
Answers
Answer:4
Explanation:The total in 4 months would equal 360
4 months will it take you to save enough money to buy your North Face jacket.
Saving per month based problem;What information do we have?
Amount save per paycheck = $45
Amount of jacket = 350 (Missing data)
Amount save per month = 2 × Amount save per paycheck
Amount save per month = 2 × 45
Amount save per month = $90
Number of months need = 350 / 90
Number of months need = 3.88
Number of months need = 4 months
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Assume that the market for soybeans is purely competitive. Currently, firms growing soybeans are earning positive economic profits. In the long run, we can expect Multiple Choice new firms to enter, causing the market price of soybeans to fall. new firms to enter, causing the market price of soybeans to rise. some firms to exit, causing the market price of soybeans to fall. some firms to exit, causing the market price of soybeans to rise.
Answers
Answer:
I don't understand what the question is supposed to be?
Explain how international trade, human capital, and physical capital can lead to economic growth.
Answers
Answer:
By following points international trade help in human capital and so on
Explanation:
1 International trade increases competition between national and international products
2 It strengthens bilateral and multilateral relationship
3 It enhances employment opportunities and helps in profit from trade sulprus
4 It facilitates specialization in the production of goods and services
5 It encourages national products to increase the quality at lower price.
6. It helps in production firms and companies to expand a large scale due to the entry of their products in international markets
Capital formation leads to the increase rate of savings due to which people can invest their saving in the productive sectors and can earn profit. Capital helps to increase the further wealth. Due to which people can raise their living standards. Country will be prosperous, reduction of poverty takes place in the country, proper mobilization of goods and services will be done properly e.t.c
Hope this helps
Have a great day. Thank you
Which term best completes the outline?
?
economy
Economic freedom
Competition between businesses
Decisions motivated by profit
O A. Traditional
B. Mixed
C. Market
D. Command
Answers
Answer:
C. Market.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.
Basically, there are four (4) main types of economy and these are;
I. Mixed economy.
II. Command economy.
III. Traditional economy.
IV. Free market economy.
A free-enterprise system also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.
The four (4) main elements or characteristics of a free enterprise system includes the following;
a. Profit: businesses are all out to generate revenue and profit through the sales of finished goods.
b. Economic freedom: means of production of goods and services are controlled by the people rather than the government. Thus, the producers are free to make their economic choices or decisions such as deciding on how much is to be charged on a product.
c. Private ownership of properties: the various factors of production are owned and allocated by the people. Thus, citizens have rights to the ownership and use of private property.
d. Competition: there are many buyers and sellers of homogeneous products, as well as free entry and exit in the market. Thus, consumers are free to make their economic choices or decisions such as deciding on which product to buy, which goods interest them, where to shop for goods, etc.
In conclusion, a market is characterized by the following economy;
I. Economic freedom
II. Competition between businesses
III. Decisions motivated by profit
is command
Explanation:
trust me
A newspaper columnist had an argument with a prominent town
businessman. She then wrote an article that wrongly accused him of having a
criminal history. This damaged his reputation. The columnist could be found
guilty of
A. conversion
B. libel
C. slander
D. assault
Answers
Answer:
B. Libel, because she published a false statement about the businessmanExplanation:I just took the test
Shelby’s total closed-end credit for her car (including all interest) cost $9,478. 58. The table shows the schedule of her payments for the first 4 years. A 4-column table with 4 rows. Column 1 is labeled Year number with entries 1, 2, 3, 4. Column 2 is labeled Balance with entries 7,000 dollars, 5,997 dollars and 39 cents, 4,617 dollars and 69 cents, 3,016 dollars and 21 cents. Column 3 is labeled monthly payment with entries 180 dollars, 180 dollars, 180 dollars, 180 dollars. Column 4 is labeled End of Year Balance with entries 5,997 dollars and 39 cents, 4,617 dollars and 69 cents, 3,016 dollars and 21 cents, 1,157 dollars and 28 cents What is the total amount of interest Shelby will pay for the car loan? How many more years will it take Shelby to pay off her loan?
Answers
Answer:
Although part of your question is missing, you might be referring to this full question:
Shelby's total closed-end credit for her car (including all interest) cost $9,478.58. the table shows the schedule of her payments for the first 4 years. table what is the total amount of interest shelby will pay for the car loan? how many more years will it take shelby to pay off her loan?
Year payment schedule (dollars) Monthly payment End of year balance
1 7000 180 5997.39
2 5997.39 180 4617.69
3 4617.69 180 3016.21
4 3016.21 180 1157.28
The first year interest payment for shelby would be 9478.58-7000= 2478.58, therefore, the total amount of interest to be paid every year would be 2478.58. The remaining year payment can be explained as follows:
7000-5997.39=1002.61
5997.39-4617.69=1379.7
4617.69-3016.21=1601.48
3016.21-1157.28=1858.9
Therefore, Shelby will be able to pay off her loan in one more year. The total amount of interest to be paid by Shelby is 2478.58
Answer:
2478.58
1
Explanation:
Need help with this one.
Anton's gross monthly pay is $1,058.00. If his employer withholds 11% for the monthly federal income tax, how much will be deducted from his paycheck?
Group of answer choices
$941.62
$11.00
$116.38
$11.64
Answers
Anton's gross monthly pay is $1,058.00. If his employer withholds 11% for the monthly federal income tax, $116.38 will be deducted from his paycheck.
Define tax?A tax is a mandatory payment or charge levied on individuals or businesses by local, state, and national governments to cover the costs of general government services, goods, and activities.It is derived from the Latin taxare, which means 'to assess'. Previously, English used the related word 'task,' which was derived from Old French.For a time, the terms 'task' and 'tax' were interchangeable, with the first requiring labor and the latter requiring money.The term 'tax' then came to mean something tedious or difficult.Governments levy fees on citizens and businesses to generate revenue, which is then used to meet budgetary demands.This includes financing government and public projects as well as improving the country's business environment to promote economic growth.To learn more about tax refer to:
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A travel company sells tours in Costa Rica on its website. Instead of designing the website themselves, the company hired an outside software development company to design, run, and manage the website for them. This is an example of Multiple choice question. accessing capabilities through a collaborative partnership. matching organizational structure to strategy. acquiring capabilities through mergers and acquisitions. internal development.
Answers
assuming that tablets are normal goods, which factor will not increase demand for tablets?
Answers
If tablets are considered as normal goods, the one factor that won't increase their demand is the increase in their prices.
What are Normal Goods?Normal goods are products whose demand increases as people's income rises. The increase in demand is because individuals have more disposable income.
Some of the examples of normal goods are cars, clothes, or entertainment options.
How does the increase in price affect demand?If the prices of the normal goods increases, the demand for those goods decreases. It is because people have to spend more money on those goods, and if they don't have a lot of disposable income, they may not be able to afford them.An increase in price of tablets will not increase demand because tablets are normal goods, which means that as their price increases, people will find them less affordable, and hence, the demand for these tablets will decrease.Thus, the increase in prices won't increase the demand for tablets.
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The balance on a credit card, that charges a 20%
APR interest rate, over a 1 month period is given in
the following table:
Days 1-5: $200 (initial balance)
Days 6-20: $350 ($150 purchase)
Days 21-30: $150 ($200 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
finance charge = $ [?]
Round to the nearest hundredth.
Enter
Answers
The balance on a credit card, that charges a 20% APR interest rate, the Finance charge is given as
$4.3055
This is further explained below.
What is the APR interest rate?Generally, The interest rate that is applied to a loan, mortgage loan, credit card, etc. is referred to as an annual percentage rate of charge, which sometimes corresponds to a nominal APR and sometimes corresponds to an effective APR.
The annual percentage rate of charge is the interest rate for the entire year, as opposed to just a monthly fee or rate. It is a fee for financing that is presented in the form of an annual rate.
Interest rate APR = 12%
Average balance = ((200*5)+(350*15)+(150*10))/30
Average balance = $258.33
Average balance*APR/12
Finance charge =\(\frac{258.33*20 \%}{12 }\)
Finance charge = $4.3055
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An investment that you bought for ____
and sold for ____
made a profit.
A $1850, S1600
B. $1850, $1350
C. $1600, $1850
D $1600, $1350
Answers
A food manufacturing company that manufactures processed foods is trying to increase sales of its products by making them available in all general and convenience stores rather than just in supermarkets and large department stores. What type of utility is the company trying to create in this case?.
Answers
The form of utility is the enterprise trying to create in this situation: Place utility.
Software offerings encompass telecommunications, electric utilities, natural fuel, positive transportation services, and also water and wastewater treatment offerings furnished by means of private groups. There are four primary concepts that fall under this umbrella, such as shape application, time application, area software, and possession application.
Utility Definition – it is a measure of pleasure a character receives from the intake of commodities. In different phrases, it is a size of usefulness that a patron obtains from any suitable. Software is a degree of the way tons one enjoys a movie, favorite meals, or other items. As a topic of economics, the software is used to model really worth or fee. Its usage has developed drastically through the years. The time period changed into delivered to start with a degree of satisfaction or happiness as part of the principle of utilitarianism with the aid of moral philosophers such as Jeremy Bentham and John Stuart Mill.
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Which of the following is an example of nonverbal communication? shaking hands to greet a supervisor writing an email to a coworker talking on the telephone to a customer listening to a presentation at a meeting
Answers
Answer: shaking hands to greet a supervisor.
Explanation:
nonverbal communication is communication through a nonverbal platform. I.e eye contact, facial expressions, gestures, etc.
Which global facility type manufactures products at low cost but with skilled workers and significant managerial resources
Answers
A global facility type which takes advantage of low cost raw materials and skilled labor for production purpose is called an offshore factory.
Offshore factories are located outside a manufactures home country in a bid to take advantage of low cost raw material and skilled and good managerial resources. After production is done, the finished product are then imported back into the manufacturer's home country.Hence, the missing phrase is offshore factory.
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Risk can be thought of as the possibility of incurring??
Answers
Answer:
Risk can be thought of as the possibility of incurring a loss.
Explanation:
Loss.
question: if an analyst used nominal values to calculate gdp, that number would correct for the effects of inflation. true false
Answers
if an analyst used nominal values to calculate GDP, that number would correct for the effects of inflation. This statement is false.
What is used to correct the nominal GDP for inflation?We must separate the effects of rising pricing on nominal GDP in order to determine how much production has actually increased. The GDP deflator can be used to achieve this. A price index used to determine the average cost of all the goods and services used by the economy is the GDP deflator.
Relative to GDP from the previous year, the GDP growth rate is calculated. The growth figures that make headlines in the news are often those of "Real GDP," which is GDP that has already been adjusted for price adjustments (inflation).
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