Required information [The following information applies to the questions displayed below.] Steve Pratt, who is single, purchased a home in Spokane, Washington, for $545,000. He moved into the home on
Answers
1. Steve would need to recognize a gain of $352,500 on the sale of his primary residence.
2. Steve would need to recognize a gain of $352,500 on the sale of his vacation home.
How to solve for the gain1)
To determine the amount of gain he needs to recognize, we subtract his adjusted basis from the selling price. The adjusted basis is the original purchase price plus any qualifying improvements or expenses. Since we don't have information about any improvements or expenses, let's assume Steve didn't make any.
Gain = Selling Price - Adjusted Basis
Selling Price = $767,500
Adjusted Basis = $415,000
Gain = $767,500 - $415,000
Gain = $352,500
Therefore, Steve would need to recognize a gain of $352,500 on the sale of his primary residence.
2) If the home is considered Steve's vacation home and he vacations there for four months each year, it would not meet the requirements to be considered a primary residence. As a result, the exclusion for capital gains on the sale of a primary residence wouldn't apply.
In this case, Steve would be required to recognize the entire gain on the sale of the vacation home. The gain would be calculated in the same way as before:
Gain = Selling Price - Adjusted Basis
Selling Price = $767,500
Adjusted Basis = $415,000
Gain = $767,500 - $415,000
Gain = $352,500
Therefore, Steve would need to recognize a gain of $352,500 on the sale of his vacation home.
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Question
Steve Pratt, who is single, purchased a home in Spokane, Washington, for $415,000. He moved into the home on February 1 of year 1. He lived in the home as his primary residence until June 30 of year 5, when he sold the home for $767,500. (Leave no answer blank. Enter zero if applicable.)
1) What amount of gain will Steve be required to recognize on the sale of the home?
2) Assume the original facts, except that the home is Steve’s vacation home and he vacations there four months each year. Steve does not ever rent the home to others. What gain must Steve recognize on the home sale?
Related Questions
During the month of march, Sid, paid on salary, worked 35 hours the 1st week, 40 hours the 2nd week, 40 hours the 3rd week and 45 hours the 4th week
Answers
During the month of march, Sid, paid on salary, worked 35 hours the 1st week, 40 hours the 2nd week, 40 hours the 3rd week and 45 hours the 4th week and this is called fixed salary.
What is the fixed salary about?If Sid is paid on salary, it means that he is paid a fixed amount each month regardless of how many hours he works. Therefore, the number of hours he works each week would not affect his pay.
If Sid is paid an hourly wage, then the number of hours he works each week would affect his pay.
For example, if Sid's hourly wage is $20 and he worked 35 hours the first week, 40 hours the second week, 40 hours the third week, and 45 hours the fourth week, his total pay for the month of March would be $20 x 35 hours
= $<<2035 =700>>700 for the first week,
$20 x 40 hours = $<<2040=800>>800 for the second week,
$20 x 40 hours = $<<2040=800>>800 for the third week,
$20 x 45 hours = $<<2045=900>>900 for the fourth week,
For a total of $700 + $800 + $800 + $900 =
$<<700+800+800+900=3200>>3200 for the month of March.
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During the month of march, Sid, paid on salary, worked 35 hours the 1st week, 40 hours the 2nd week, 40 hours the 3rd week and 45 hours the 4th week. What is this called
Why are tradeoffs necessary?
a. Resources are limited
b. People want different things
C. Every product has flaws
d. Advertisers promote products
Answers
Answer:
trade offs are necessary because resources are limited,people want different things, every product has flaws, and advertisers can promote products.
What is the purpose of international trade and how does it help the countries involved in it?
Answers
Answer:
the trade without border is
international trade.it purposes to share goods ,ideas,resources, etc.
it helps country in the time of need.
Answer:
Global trade makes it possible for people living in one country to use products from another country, allowing them to benefit from products that are not domestically produced. If a country is endowed with abundant labor or favorable climatic conditions, it has an advantage over the nations that do not have them. It makes economic sense to produce and export goods that other countries cannot produce as cheaply. This way, the exporters can increase sales with foreign commerce and strengthen their country’s economy, while earning profits at the individual level. It also helps strengthen the foreign currency reserves of the country.
International trade is a key driver in regulating foreign currency rates. Global trade helps balance a country’s cyclical pattern of trade deficit and surplus. When a country’s currency is strong, its imports tend to exceed its exports, thus creating a trade deficit for the importer. This situation leads to the exporter country’s currency strengthening and the importer’s currency eventually weakening. Over time, a role reversal happens with exports overtaking imports, thus strengthening the exporter’s currency and creating a trade surplus for the importer. Many other factors influence this cycle too, for example, product cost inflation and interest rates. Global trade removes boundaries and makes the whole world into a single marketplace, and that can work to the benefit of all the participating partners.
Explanation:
PLATO answer!
A performance evaluation system can create a conflict of interest between what is best for a manager and best for the organization and its owners, which is called
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A performance evaluation system can create a conflict of interest between what is best for a manager and best for the organization and its owners, which is called an agency problem.
An agency problem arises when there is a conflict of interest between the goals and objectives of the principal (the organization and its owners) and the agent (the manager). The principal wants the agent to act in their best interest, but the agent may have their own personal interests and may not always act in the best interest of the principal. This can lead to a conflict of interest and can have a negative impact on the performance of the organization. To minimize the potential for an agency problem, it is important to have clear and effective communication, alignment of incentives, and proper oversight and accountability.
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The US Senate has approved approximately how many treaties?
O 2.500
O 1,500
O 2,000
O 1.000
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Answer:
2500
Explanation:
The United States Senate has approved approximately 2500 treaties. This assertion is based on the statistics that fifty years after the United States independence, the US Senate has only approved 60 treaties. By the period World War II began in 1939, the US Senate has approved another 800 treaties. Also, between 1940 to 1989, the United States Senate has approved an additional 759 treaties. And between 1989 to this moment, the United States Senate has reportedly approved 890 treaties.
Hence, summing all of them together, we have 60 plus 800, plus 759, plus 890, making it 2509 treaties. That is approximately 2500 treaties.
Answer:
B. 1,500
Explanation:
It’s on the passage
Jack plants a vegetable garden the garden is in the rectangle he wants to put a fencing around the garden how much fencing does jack need pls respond quick
Answers
We need the dimensions of the rectangle garden (length and width) to calculate the perimeter and find the total length of fencing Jack required.
How can we determine the amount of fencing Jack needs for his vegetable garden?To determine the amount of fencing Jack needs for his vegetable garden, we need more information. Specifically, we need the dimensions of the rectangle garden, such as the length and width.
With the length and width of the garden, we can calculate the perimeter, which represents the total length of fencing required.
The perimeter is calculated by adding the lengths of all sides of the rectangle. Once we have the dimensions, we can use the formula: Perimeter = 2 × (Length + Width) to find the total length of fencing Jack needs.
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which of the following describes the term productivity
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Productivity is the measurement of physical output relative to each unit of input, typically expressed in labour hours.
What is Productivity?
Productivity refers to the efficiency with which goods or services are produced. Productivity can also be expressed as a ratio of the entire output to a single input, the sum of all the inputs utilised in a production process, or the output per input, usually over a defined time period. The (aggregate) measure of labour productivity, using GDP per worker as an example, is the most common illustration. The selection of a productivity definition (including those that do not refer to ratios of output to input) depends on the goal of the productivity assessment and/or the availability of data. The main cause of variation across productivity metrics is frequently (directly or indirectly) connected to how the inputs and outputs are combined to produce such a ratio-type productivity indicator.
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Component procedures may authorize DoD Governmentwide Commercial Purchase Card Ordering Officers to make purchases up to the simplified acquisition threshold in which three of the following cases?
1. Using Simplified Acquisition Procedures above or below the micro purchase threshold against Federal Supply Contract vehicles
2. At or below the micro purchase threshold from any vendor
3. At or below the micro purchase threshold against Federal supply Schedule contracts, FedMall, or other ordering systems that are authorized in component procedures
4. Above or below the micro purchase threshold against contract vehicles issued for the component by a contracting officer that contain a provision authorizing order and payment by the Governmentwide Commercial Purchase Card
Answers
Component procedures may authorize DoD Governmentwide Commercial Purchase Card Ordering Officers to make purchases up to the simplified acquisition threshold in option 1, 3 and 4.
What is the Simplified Acquisition Threshold?The simplified acquisition threshold (SAT), which in federal acquisition is seen or is one that is expressed as the anticipated award value of a contract, is the financial number above which contracting officers are instructed to solicit and award contracts using streamlined methods.
Note that the Commercial Purchase Card for the Government as a Whole - The Purchase Card is used as a convenient way to spend money while buying products and services. It is given to approved agency employees and resembles a commercial credit card in nature. It is not the same as the Government Travel Card.
Therefore, in context of the above, one can say that a program that manages a component is known as a component procedure (or procedure). A component procedure may be used to install, remove, or manage a component.
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what are three things you can do to reduce the risk of financial loss for you and your loved ones?
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For your project, you will be doing a Competitor Marketing Analysis Report on the:
Question 3 options:
All companies in the chosen industry
A company you created
An existing company known as the Chief Industry Competitor
Any company
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Which of these statements is FALSE when it comes to real interest rates:
a. It assumes inflation is present
b. It is the equilibrium between the supply of savings and the demand for investment funds ina perfect world
c. it assumes suppliers and demanders of funds have no liquidity preferences
d. It assumes there is no risk
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The false statement when it comes to real interest rates is c. It assumes suppliers and demanders of funds have no liquidity preferences.
The false statement regarding real interest rates is c. It assumes suppliers and demanders of funds have no liquidity preferences. Real interest rates take into account the inflation rate and reflect the true return on investment after adjusting for changes in purchasing power.
Option a is true because real interest rates consider the presence of inflation. Option b is also true as real interest rates represent the equilibrium between the supply of savings and the demand for investment funds in an ideal market.
However, option c is false because liquidity preferences of suppliers and demanders can influence interest rates. People may have different preferences for liquidity, affecting the supply and demand for funds and impacting interest rates. Option d is true as real interest rates assume there is no risk associated with the investment.
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Given all the details about bonds and stocks, which do you prefer to invest with your money in the future? Explain in your own words.
Answers
Answer:
Bonds provides more opportunities and offers than stocks.
Explanation:
Bonds are a better option than stocks as bonds tend to give a good return. That is the bonds are less volatile and less risk markets they have a high interests rates and tends to offer saving rates at a bank and hae various advantages. Bonds also perform well the stocks decline and hence they are better than stocks and should prefer to invest in the money in future.according to listings on amazon as of april 2019, one can get an antminer s9 for $349 with free shipping, plus the apw3 power supply for it for $88. maybe this is a good deal! let's see. the antminer s9 can mine at 13 thps (tera hashes per second), and consumes 1300w of power. the current bitcoin mining hash target requires 19 hex leading zeros. you pay 15 cents per kwh of power. bitcoin mining reward is 12.5 btc per block, and bitcoin is trading at $5000 usd. what is your daily profit?
Answers
The daily profit from Bitcoin mining using an Antminer S9 is calculated to be -$4.67. which is not profitable.
To calculate the daily profit from Bitcoin mining using an Antminer S9, we need to consider the following factors:
Hash Rate: The Antminer S9 can mine at 13 TH/s.
Power Consumption: The Antminer S9 consumes 1300 watts of power.
Difficulty: The current Bitcoin mining hash target requires 19 hex leading zeros.
Electricity Cost: The electricity cost is 15 cents per kilowatt-hour (kWh).
Bitcoin Mining Reward: The Bitcoin mining reward is currently 12.5 BTC per block.
Bitcoin Price: Bitcoin is trading at $5000 USD.
First, we need to calculate the daily revenue from mining:
Daily Revenue = (Block Reward × Bitcoin Price) / (2³² × Difficulty × 10⁻¹²)
Where 2³² is the total number of hashes that can be mined before the difficulty is adjusted.
Daily Revenue = (12.5 x 5000) / (2³² x 19 x 10⁻¹²)
Daily Revenue = 0.000667 BTC
Next, we need to calculate the daily electricity cost:
Daily Electricity Cost = (Power Consumption x Hours per Day x Electricity Cost) / 1000
We assume the Antminer S9 runs continuously for 24 hours a day.
Daily Electricity Cost = (1300 x 24 x 0.15) / 1000
Daily Electricity Cost = $4.68
Finally, we can calculate the daily profit:
Daily Profit = Daily Revenue - Daily Electricity Cost
Daily Profit = 0.000667 BTC - $4.68
Daily Profit = -$4.67
Based on these calculations, the daily profit from mining using an Antminer S9 at the given electricity cost and Bitcoin price is negative. This means that it would be non-profitable to mine Bitcoin with an Antminer S9 at this time.
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After a presentation is created, there is nothing left to do.
True
False
Answers
Answer:
false
Explanation:
Explain the two key communication skills necessary to resolve conflict. help asap
Answers
Answer: Quick stress relief: the ability to quickly relieve stress in the moment.
Emotional awareness: the ability to remain comfortable enough with your emotions to react in constructive ways, even in the midst of a perceived attack.
Explanation:
Mary wrote a 40 call on abc stock for $275. she does not own any shares of abc. mary has?
Answers
Mary has a short position in the call option contract and is obligated to sell 40 shares of ABC stock if exercised.
By writing the call option, Mary has an obligation to sell 40 shares of ABC stock if the option buyer chooses to exercise their right to buy. Mary will receive a premium of $275 for undertaking this obligation.
If the price of ABC stock rises above the strike price and the option buyer exercises the option, Mary would need to purchase the shares at the market price to her obligation. This could result in substantial losses if the stock price increases significantly.
In summary, Mary has written a 40 call option on ABC stock without owning any shares of the stock. She has received a premium of $275 but carries the risk of potentially having to purchase shares at a higher price if the option is exercised.
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what is 349/36 + 34x6
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Answer:
349/36= 9.694
34x6= 204
9.694 + 204= 203.694
how to get a free psn card
Answers
Answer: so how i need to buy credits
Explanation:
if i pay off my entire credit card bill before this date, i do not have to pay interest on the money i have borrowed on my credit card. what is this called?
A. Forbearance period
B. Grace period
C. Default
D. probationary period
Answers
Answer:
Probationary period
Explanation:
A probationary period is the time before the due date.
Forbearance period is when the costumer is unable to meet or pay the loan and the property is "held back".
Grace period is the set time after a fee is due where no punishment is placed.
Default is the complete failure to ever repay the loan.
is he drinking coke or pepsi ?
Answers
closing case in 1998, self-described snowboarder and surfer dude chip wilson took his first yoga class. the vancouver native loved the exercises but hated do- ing them in the cotton clothing that was standard yoga wear at the time. for wilson, who had worked in the sportswear business and had a passion for technical athletic fabrics, wearing cotton clothes to do sweaty, stretchy, power yoga exercises seemed inappropriate. thus, the idea for lululemon was born. wilson’s vision was to create high-quality, styl- ishly designed clothing for yoga and related sports activities using the very best technical fabrics. he built a design team, but outsourced manufacturing to low-cost producers in south east asia. rather than selling clothing through existing retailers, wilson elected to open his own stores. the idea was to staff the stores with employees who were them- selves passionate about exercise, and who could act as ambassadors for healthy living through yoga and related sports such as running and cycling. the first store, opened in vancouver, canada, in 2000, quickly became a runaway success, and other stores followed. in 2007, the company went public, using the capital raised to accelerate its expansion plans. by late 2017, lululemon had over 380 stores, mostly in north america, and sales in excess of $2.34 billion. sales per square foot were estimated to be around $1,560—more than four times that of an average specialty retailer. lululemon’s financial performance was stellar. between 2008 and 2017, average return on invested capital–an important measure of profitability–was around 31%, far out- pacing that of other well-known specialty retailers, while earnings per share grew tenfold. how did lululemon achieve this? it started with a focus on an unmet consumer need: the la- tent desire among yoga enthusiasts for high-quality, stylish, technical athletic wear. getting the product offering right was a central part of the company’s strategy. an equally important part of the strat- egy was to stock a limited supp
Answers
Lululemon achieved its success by identifying and meeting the unmet need for high-quality, stylish, technical athletic wear for yoga enthusiasts.
They focused on product excellence and stocked limited supplies, creating a sense of exclusivity and driving demand. Lululemon's success can be attributed to several key factors. Firstly, founder Chip Wilson identified a gap in the market and developed a unique product offering that catered specifically to the needs and desires of yoga practitioners. By combining technical fabrics with stylish designs, Lululemon differentiated itself from traditional cotton-based yoga wear. Secondly, the company adopted a direct-to-consumer model by opening their own stores and employing passionate, knowledgeable staff as brand ambassadors. This approach allowed them to create a personalized customer experience and build a strong community around the brand. Additionally, Lululemon maintained a sense of exclusivity by stocking limited supplies, creating a perception of scarcity and driving demand. These strategic decisions, coupled with strong financial performance and profitability, contributed to Lululemon's remarkable success.
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Elizabeth's minimum monthly payment on her credit card is the higher of 2.5%
or $12. If her balance at the end of the month is $5800, what is the minimum
amount Elizabeth must pay to keep her account in good standing?
O A. $25
O B. $12
OC. $45
O D. $580
Answers
Answer:
$145
Explanation:
Minimum monthly payment at the rate of 2.5%
= 2.5/100 × $5,800
=$145
Between $12 & $145,
$145 is higher hence will be the minimum amount Elizabeth must pay to keep her account in good standing.
With the help of online research, write a short report on “glocalization.”
Answers
The phenomena of Glocalization, which is best described as Thinking Globally, Acting Locally, is created when the two terms of globalisation and localization are combined.
To put it more properly, we may say that although if a single brand is produced, sold, and distributed globally, it is nevertheless personalised and customised to suit the tastes and preferences of customers in the many global marketplaces.
It is carried out since each region of the world has its own unique culture, linguistic preferences, demands, and desires.
By adjusting their offerings and products to meet the needs of that specific market, businesses may effectively position and place their items, resulting in high revenues and devoted customers.
The following are all global brands, although they cater to the demands of their customers in various parts of the world while selling items.
Chips by Lays (They sell different flavours in different parts of the world, according to the taste preference and eating habits of that country).
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Business
12 questions please help!!
Answers
Answer:
Fill in the blanks
Explanation:
Answer: 1. Unsecured loans 2. Business credit card 3. Unsecured loan 4. Small Business Investment Companies 5. Reserve Fund 6. Routine 7. Operating costs 8. Secured loan 9. Commercial Debt Financing 10. Small Business Administration 11. Sound 12. Venture Capital Firm
Explanation:
What is a total asset turnover?
Answers
A total asset turnover or simply an asset turnover basically defines the revenue generated by a company against the value of their assets.
The total asset turnover or the asset turnover ratio basically measures the revenues generated by the company or the value of a company's sales as compared to the value of its particular assets. The asset turnover ratio is basically used as an indicator of the amount of efficiency with which a particular company is utilizing its assets in order to generate revenue.
The higher will be the asset turnover ratio, the more will be the efficiency of a company in generating the required revenue from its own assets. Similarly, if a particular company has a very low asset turnover ratio, it happens to indicate that the company is not using its assets properly.
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which microbes is used to extract ethanol from fruit juice and sugar molasses ·
Answers
Answer:
Yeast
Explanation:
A microbe (microorganism) is a microscopic organism which either exist in its single-celled form or as colony of cells. Example of microbes are bacteria, archaea, algae, protozoa.
Yeast is a microbe used in the extraction of ethanol from fruit juices and sugar molasses. Saccharomyces cerevisiae is a specie of yeast which reacts with fruit juices and sugar molasses in the absence of Oxygen to produce ethanol and carbon dioxide.
Making a good first impression on potential employers is essential to securing employment.truefalse
Answers
Yes,True. Making a good first impression on potential employers is essential to securing employment.
Making a good first impression on supervisors, colleagues, and customers is important because you only get one opportunity to do it. First impressions help demonstrate that you're trustworthy, confident, and personable.
steps to make a great first impression at work Dress appropriately. Be a little early (or at least on time) .Smile and make eye contact. Introduce yourself.Think about a consumer with a utility function given by u=x1x2, he is facing a budget constraint: p1x1+p2x2<= I.
A) Please derive the Marshallian demand functions for x1 and x2.
B) How much of each good will the consumer purchase if I =8, p1=1 and p2=4?
Answers
Given that the consumer has a utility function given by `u = x1 * x2` and is facing a budget constraint `p1 * x1 + p2 * x2 ≤ I`.We are to derive the Marshallian demand functions for `x1` and `x2` and determine how much of each good will the consumer purchase if `I = 8`, `p1 = 1` and `p2 = 4`.Solution:The consumer’s problem is to maximize their utility function `u = x1 * x2` subject to the budget constraint `p1 * x1 + p2 * x2 ≤ I`.The Lagrangian function `L` is given by;`L = x1 * x2 + λ [I − p1 * x1 − p2 * x2]
`Differentiating the Lagrangian function with respect to `x1`, `x2` and `λ` we get;`∂L/∂x1 = x2 − λp1 = 0` …..(1)`∂L/∂x2 = x1 − λp2 = 0` …..(2)`∂L/∂λ = I − p1 * x1 − p2 * x2 = 0` …..(3)Solving the above equations for `x1`, `x2` and `λ` gives the Marshallian demand functions.`x1 = I/(2 * p1)` and `x2 = I/(2 * p2)`Therefore, the demand functions for x1 and x2 are given by;x1 = I/(2 * p1) …..(4)x2 = I/(2 * p2) …..(5) Substituting the given values, `I = 8`, `p1 = 1` and `p2 = 4` into equations (4) and (5) above;x1 = 8/(2 * 1) = 4x2 = 8/(2 * 4) = 1 The consumer will purchase `4` units of `x1` and `1` unit of `x2` if `I = 8`, `p1 = 1` and `p2 = 4`.
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How would you describe the dangers of debt to a friend?
Answers
Answer:
I would explain to them that the danger of debt. Can lead to credit going down. When you don’t pay your debt, and you get behind your credit can go down
According to rankings by many people over the years what is the number one expectation that people have a job they will enjoy
Answers
Answer:doing work that makes the best use of one's abilities and creates a feeling of accomplishment
Explanation:
I'm in 9th and just took that