what is the ""actually paid"" requirement for the deduction of an expense by a cash basis taxpayer? does actual payment ensure a deduction? explain.
Answers
The "actually paid" requirement for the deduction of an expense by a cash basis taxpayer refers to the condition that an expense must be physically paid out (through cash, check, or electronic transfer) during the tax year in order for it to be deductible.
Explanation:For a cash basis taxpayer, the "actually paid" requirement for the deduction of an expense means that the taxpayer must have physically disbursed funds for the expense in the tax year in which they are claiming the deduction. In other words, the expense must have been paid in cash or by check, credit card, or other means of payment that results in actual payment.
However, actual payment alone does not ensure a deduction. The expense must also be a legitimate business expense and meet other requirements, such as being ordinary and necessary for the taxpayer's trade or business.
Additionally, if the expense is for something that will last for more than one year (such as equipment or property), it may need to be depreciated over the useful life of the asset rather than deducted in full in the year of purchase.
In summary, the actual payment of an expense is necessary but not sufficient for a cash basis taxpayer to claim a deduction. The expense must also be a legitimate business expense that meets other requirements, and any depreciation rules must also be taken into account.
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Related Questions
FILL IN THE BLANK. Since the United States imports a large quantity of textiles from Asia, the overall wages of U.S. textile workers has ________, while the price of textiles in the United States has ________.
Answers
Since the United States imports a large number of textiles from Asia, the overall wages of U.S. textile workers have decreased, while the price of textiles in the United States has decreased.
Since the United States imports a large number of textiles from Asia, the overall wages of U.S. textile workers have decreased, while the price of textiles in the United States has decreased as well. This is due to the fact that Asian labor is typically cheaper and more abundant than U.S. labor, so companies choose to purchase textiles from Asian manufacturers and ship them to the United States.
This increased competition for textile production lowers the wages of U.S. textile workers and drives down the price of textiles in the United States.
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A red exclamation point next to a credit name in LEED online indicates that the credit is
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When a red exclamation point appears next to a credit name in LEED Online, it typically indicates that there is a problem or issue that needs to be addressed in order for the credit to be awarded.
This could be due to missing information, incomplete documentation, or an error in the submission. The project team should review the credit requirements and documentation carefully to determine what needs to be corrected or added to the submission. Once the issues have been addressed, the credit can be resubmitted for review and evaluation by the USGBC to determine if the credit has been achieved.
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What step in the investigative process would the development of timelines and interpretation of burn patterns be related to?
Answers
Answer:
Data Analysis
Explanation:
During a fire outbreak which could be accidental or incidental, information is first collected both from witnesses and observation. After this, timelines are developed in a bid to develop inductive reasoning as to the patterns in the timing of the fire outbreak. Burn patterns are also analyzed to provide an indication as to the origin and cause of the fire.
It is important that the timelines and patterns being analyzed are based on facts that are verifiable and not speculations. This is important because working with incorrect information would lead to the development of the wrong hypothesis.
Professor Bong has just written the first textbook in Punk Economics. It is called 'Up Your Isoquant'. Market research suggests that the demand curve for this book will be Q = 2,000-100P, where P is the book's price. It will cost $1000 to set the book in type. This setup cost is necessary before any copies can be printed. In addition to setup cost, there is a marginal cost of $4 per book for every book printed.
a. What is the total revenue function R(Q) for Professor Bong's book?
b. What is the total cost function C(Q) for producing Professor Bong's book?
c. What are the marginal revenue function MR(Q) and the marginal cost function MC(Q)?
d. Find the profit-maximizing quantity of books for Professor Bong to sell.
Answers
Answer:
a. R(Q) = 2OQ - 0.01Q^2
b. C(Q) = 4Q + 1000
c. MR(Q) = 20 - 0.02Q; and MC(Q) = 4.
d. The profit-maximizing quantity of books for Professor Bong to sell is 800.
Explanation:
a. What is the total revenue function R(Q) for Professor Bong's book?
From the demand function, we can obtain price function P as follows:
Q = 2,000-100P
Q + 100P = 2,000
100P = 2,000 - Q
Divide through by 100, we have:
P = 20 - (1 / 100)Q
P = 20 - 0.01Q
The total revenue function R(Q) is the product of quantity demanded Q and price function of the book P as follows:
R(Q) = Q * P = QP .................... (1)
Since P = 20 - 0.01Q, we substitute into equation (1) and solve further as follows:
R(Q) = Q(20 - 0.01Q)
R(Q) = 2OQ - 0.01Q^2 <====== Total revenue function R(Q)
b. What is the total cost function C(Q) for producing Professor Bong's book?
By removing the dollar sign, this can be obtained as follows:
MC = Marginal cost = 4
VC = Variable cost = MC * Q = 4 * Q = 4Q
FC = Fixed cost = Setup cost = 1000
Therefore, the total cost function C(Q) can be obtained as follows:
C(Q) = VC + FC ...................... (2)
Substituting the values into equation (2), we have:
C(Q) = 4Q + 1000 <====== Total cost function C(Q)
c. What are the marginal revenue function MR(Q) and the marginal cost function MC(Q)?
To obtain the marginal revenue function MR(Q), the first derivative of the total revenue function R(Q) in part a is taken as follows:
MR(Q) = R'(Q)
MR(Q) = 20 - 0.02Q
To obtain the marginal cost function MC(Q), the first derivative of the total cost function C(Q) in part b is taken as follows:
MC(Q) = C'(Q)
MC(Q) = 4
d. Find the profit-maximizing quantity of books for Professor Bong to sell.
Since profit is maximized where MR(Q) = MC(Q), the profit-maximizing quantity of books for Professor Bong to sell can be calculated as follows:
20 - 0.02Q = 4
20 = 4 + 0.02Q
20 - 4 = 0.02Q
16 = 0.02Q
Q = 16 / 0.02
Q = 800
Therefore, the profit-maximizing quantity of books for Professor Bong to sell is 800.
Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.
Answers
($14)(25)=$350
($25)(11)=$275
$350+$275= $625
In economic policy, the basic principle underlying conservatism is. A. economic laissez-faire. B. government regulation. C. central planning.
Answers
The basic principle underlying conservatism in economic policy is economic laissez-faire, option A. Conservatives generally advocate for limited government intervention in the economy, emphasizing the importance of free markets, individual liberty, and private property rights.
Conservatism in economic policy is grounded in the principle of economic laissez-faire, which supports minimal government intervention in the economy.
Conservatives believe that free markets, driven by the forces of supply and demand, are the most efficient and effective means of resource allocation. They emphasize the importance of individual liberty, private property rights, and limited government involvement in economic affairs.
Conservatives argue that government regulation and central planning can lead to unintended consequences, stifling economic growth, and restricting individual freedom.
They advocate for policies that promote free trade, reduce taxation, limit government bureaucracy, and protect property rights.
By minimizing government interference, conservatives believe that the economy can thrive and individuals can pursue their own economic goals and aspirations.
The basic principle underlying conservatism in economic policy is economic laissez-faire, which favors limited government intervention and emphasizes the significance of free markets, individual liberty, and private property rights.
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Emergency funds are calculated based on: A.) Retirement Planning B.) Monthly Expenses C.) Monthly Income D.) Investing for College
Answers
Answer:
B
Explanation:
Answer:
B
Explanation:
You have an ice cream shop. You plan to increase the sugar content in your ice cream to see if it attracts more customers. You design an AB test in which some customers get the regular ice cream, some get the extra-sugary ice cream. How long do you think this experiment should run? Find the closest length that makes sense to you
3 days
10 years
4 months
3 weeks
Answers
A duration of 3 weeks would be a reasonable timeframe to evaluate customer response and gather sufficient data.
The length of time for an AB test to determine the impact of increased sugar content in ice cream should depend on several factors, including the size of the customer base, the rate of customer visits, and the expected impact of the sugar increase.
The duration of an AB test should allow enough time for a significant number of customers to try both the regular and extra-sugary ice cream options. This ensures a more accurate representation of customer preferences and provides a reliable basis for decision-making. Three days may not be sufficient to capture meaningful insights, as it could be influenced by short-term variations in customer behavior. On the other hand, running the test for 10 years or 4 months might be excessive and impractical, considering the potential costs and resource commitment required for such a long-term experiment.
Three weeks strikes a balance between obtaining a substantial sample size and obtaining results in a reasonable timeframe. This duration allows for multiple customer visits, potential word-of-mouth feedback, and capturing variations in customer preferences across different days or times. It also provides enough time to analyze the data and make informed decisions regarding the sugar content in the ice cream.
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According to the discussion in he textbook, if you were an employer who wanted to increase volunteerism among your employees, what strategy would you employ in order to increase the chances that the employees would continue to volunteer in the future
Answers
Encourage volunteerism while preserving employees' free choice to volunteer or not.
Altruism refers to unselfish actions or actions taken for the benefit of others. For example, when you volunteer at a nursing home or donate money to someone in need, you are helping others without getting any benefit.
First, it provides opportunities for employees to get to know each other better. Socializing during work hours can be difficult, and volunteering gives employees an opportunity to find common ground. Implementing a volunteer program in your workplace attracts top talent. Employees attach great importance to social responsibility.
Employee Volunteer Program (EVP) is defined as a planned and managed initiative aimed at motivating and empowering employees to effectively serve the needs of their communities through employer leadership. will be
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in order to help sell more domestic products, a country might charge an extra tax, or , on imports.
Answers
In order to help sell more domestic products, a country might charge an extra tax, or an imports.
It is True
What is tax?
A tax is a mandatory financial charge or other type of levy imposed on the taxpayer (natural or legal entity) by a government organization for the purpose of financing government expenditures and various public expenditures (regional, local or national) and compliance with tax regulations. refers to policy actions and individual behavior aimed at ensuring that taxpayers pay the right amount of tax at the right time and provide the right tax breaks and credits. The first known taxation took place in ancient Egypt around 3000–2800 BC. Failure to pay on time (default) along with tax evasion or tax resistance is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent.To know more about tax, click the link given below:
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During this stage of résumé review, résumés are quickly scanned to eliminate as many candidates as possible: a. stage 1 b. stage 2 c. stage 3
Answers
The stage where resumes are scanned quickly to allow for many candidates to be eliminated is Stage 1.
What happens in Stage 1 of resume review?When a job is posted, the company usually gets a lot of applications from people.
This is why stage 1 involves the company looking through and eliminating a lot of resumes so that only more needed ones remain.
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True or false: A company that achieves differentiation parity at a lower cost has implemented a successful cost-leadership strategy.
Answers
If a company can achieve differentiation parity at a lower cost then it would have implemented a cost leadership strategy. This is therefore true.
What is a cost leadership strategy?This refers to when a company aims to incur lower costs to produce goods than its competitors.
If differentiation parity is achieved, it means that the company was able to produce unique goods which are equal to those of the competition at a lower cost. This is cost leadership.
In conclusion, this is true.
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HURRY!! Sarah is working at a daycare center. She just thought of a way to streamline the way parents drop off and pick up their children. When she mentions her idea to the director, he asks her to present it at the next staff meeting. What aspect of a good professional relationship is the director demonstrating?
Group of answer choices
Trust
Respect
Boundaries
Diversity
Answers
Answer:
Explanation:
Trust
Which of the following monetary policy actions would be most effective in fighting a recession?
Buy government securities and decrease the discount rate.
Buy government securities and increase the discount rate.
Sell government securities and decrease the reserve ratio requirement.
Sell government securities and increase the reserve ratio requirement.
Answers
Of the four options presented, the most effective monetary policy action in fighting a recession would be to buy government securities and decrease the discount rate. This action is known as expansionary monetary policy.
By buying government securities, the central bank injects money into the economy, which increases the money supply. This, in turn, lowers interest rates, making it easier for consumers and businesses to borrow money and invest in the economy. Additionally, by decreasing the discount rate, the central bank makes it cheaper for banks to borrow money, which encourages them to lend more and increase the money supply. In contrast, selling government securities and increasing the reserve ratio requirement are contractionary monetary policy actions, which can actually exacerbate a recession. Selling government securities reduces the money supply, making it more expensive for consumers and businesses to borrow money and invest in the economy.
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the changes in the non-cash balance sheet accounts explain the differences between the ______.
Answers
The portfolio of projects is typically represented by compliance, strategic, and operations projects. What impact can this classification have on project selection
Answers
Your project proposal's chances of being chosen may be improved by carefully matching it with one categorization.
What is the role of projects in strategic management process?Projects may concentrate on both the customer service environment and internal actions necessary to enable greater alignment of operations and strategic objectives as part of the strategic management process. Risks can have an impact on portfolios, programmes, and even projects because they are a component of the company's strategy.
Some people could try to transfer their project proposal to a different categorization to increase the likelihood that the project will be chosen if they are aware of the funds that are available, their risk profile, senior management bias, etc.
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Lightskins or Darkskins
Or Other ?
Answers
Answer:
any kind of boy
Explanation:
I have no type
This is for money skills. Please help
Answers
Answer:
when you divide
Explanation:
What is the difference between using an action button to play an audio file via 'play sound' and an audio clip set up through the Media Group?
Answers
Answer: The action button lets users play the audio file, the sound button will play an audio clip.
Explanation:
The action button lets users play the audio file once it is clicked or has a mouse over action over the assignment button. The sound button will play an audio clip that you have specified in the action settings dialog box.
PLEASE help im stuck
What management principle caused the cost per bushel to change? Explain how the principles applied to this example.
Answers
Answer:
Microeconomics uses a set of fundamental principles to make predictions about how individuals behave in certain situations involving economic or financial transactions. These principles include the law of supply and demand, opportunity costs, and utility maximization. Microeconomics also applies to businesses.
Many companies have been forced to deal with a type of online fraud that lures their employees into disclosing personal information. The employees receive an email that appears to come from the Internal Revenue Service, demanding confirmation of their Social Security numbers. The message threatens that noncompliance will mean criminal penalties. These employees are victims of ___________________.
Answers
Regina, Brock, and Sean are website designers who have been tasked to create a new website together.
This is an example of:
alliance
collaboration
punctuality
relationship
Answers
Answer:
B: Collaboration
Explanation:
I took the test
Answer:
B: Collaboration
Explanation:
I took the test
WHERE DO YOU SEE YOURSELF IN 10 YEARS? Use the following prompts (you may add to them) to respond to this question in two or more well written paragraphs! What career or job will you have? What state do you want to live in? Why have you chosen this state? Will you own your own a house, rent an apartment or live at home? Will you have a family—marriage, kids? What do you hope your impact will be on your community, friends, family?
Answers
Answer:
I see myself having no family only a gf and why no kids is so I can raise them right have a house a business and work hard so they don't and I will be a, healthy man. And I am choosing this path because many people don't and fail when they have a family to take care of. Also I want to be able to ollie in the future. I want to be very successful so I can provide help to anyone who needs it and I want to have my own book motivating more people be more successful. The sate I will live in will probably be Utah or California so my fam will live well. Also I will try to homeschool the kids and teach them something new or have them go to a public school. This is what I want my future to be like but for now I have to make to come true so I have to grain. So peace have a goodnight/morning cya later or never.
What is Accenture approach when it comes?
Answers
Accenture uses its Information Security Client Data Protection program, which offers a consistent strategy in addition to the security policies, to assist its clients with security.
What is Accenture's strategy for internal automation as well as external automation for clients?Accenture's automation strategy will result in effectiveness and efficiency with the best possible use of the available resources. Explanation: In order to provide the best possible service to the client, many ERP platforms are developed. Additionally, it made it possible to provide clients specialized services.
What is Accenture's greatest strength?Accenture's tremendous experience in coping with disruptive technologies is its most significant asset. The elastic application development and operation is made possible by edge computing technologies.
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fees for service are determined by which of the following?
Each bank
Each transaction
Each customer
Each branch of bank
Answers
Answer:
Each bank
Explanation:
Banks offer various types of services to customers such as funds transfers, check clearance, foreign exchange, among many others. Since the services are offered by the bank, it is the bank that charges the service fees. The banks also determine the amount of fees to charge per service.
Typically, a bank will apply uniform charges across all its branches. The charges for different services are determined by the bank's top management and apply to all its branches in a country.
j.c. penney sells a timex watch for $139.99 that cost $89.97. j.c. penney's percent of markup based on the selling price is:
Answers
J.C. Penney sells a Timex watch for $139.99 that cost $89.97. J.C. Penney's percent of markup primarily based on the selling price is: ($50.02/$139.99 = 35.73%.)
What does JCPenney sell?J. C. Penney Co., Inc. is a holding company, which thru its subsidiary, J. C. Penney Corporation, Inc., engages in the promoting merchandise and offerings to consumers thru its branch stores and website. It presents appliances, handbags, shoes, jewelry, shoes, and clothes.
How is JCPenney doing financially 2022?It now has 650 shops throughout the majority of U.S. states and Puerto Rico. JCPenney estimates its income for the 2022 fiscal 12 months will whole $9 billion, up 10% from 2021 however down 16% from 2019, according to the Wall Street Journal.
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What is the purpose of the Subtotal feature?
Answers
What is a subcontractor?
O A. A person who owns part of the company and makes executive
decisions.
B. A person who works solely with one company on a constant basis.
O C. A person who does work for another company or person as a part
of a larger job.
OD. A person who manages a company and hires all employees.
SUBMIT
Answers
Answer:
c
Explanation:
A subcontractor is a person who does services for another business or individual as a component of a bigger project. Option (C) is hence the appropriate response.
What do you meant by a subcontractor?An individual or, in many situations, a firm who signs a contract to carry out some or all of the requirements of another's contract is known as a subcontractor.
The primary responsibility of a subcontractor is to carry out the work for which they have been appointed by the main contractor. The subcontractor is in charge of carrying out the task according to instructions because it is frequently a specialized operation, like electrical or HVAC.
A subcontractor (or subcontractor) is a business or individual that a general contractor, prime contractor, or main contractor employs to carry out a particular duty as part of a larger project. The subcontractor is often compensated for the services they give to the project. Despite the fact that subcontracting frequently occurs in construction and civil engineering projects, the variety of opportunities for subcontractors is
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modern economic growth is best measured as an increase in ______. -nominal GDP -output per person -household consumption -investment.
Answers
Savings is the simple term for any revenue that is not spent. The most accurate way to gauge current economic growth is an increase in. Actual production for each person.
Why is economics important? What is it?
Economics is a field of study that studies how products and services are produced, distributed, and consumed. It examines the decisions that people, organizations, governments, and entire countries make when allocating resources.
Labor economics: What is it?
Economics of labor, defense, transportation, and theory of production economics of the environment.. (Show more) Economics is a social science that aims to understand and describe how wealth is produced, distributed, and consumed.
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Mei is extremely upset because she has been falsely accused of stealing money from her employer. Her lawyer has suggested that mei take a polygraph test to prove her innocence. She asks you wheather she should agree to the test. Based on the research into the accuracy of polygraphs, you should tell mei that polygraphs:.
Answers
Based on the research into accuracy of polygraphs, you should tell Mei that polygraphs just measure overall arousal levels and are not reliable indicators of if or not people are lying. The right answer is b.
A polygraph is a device or process that measures and records multiple physiological signs while a person is asked and responds to a series of questions, yet it is frequently wrongly referred to as a lie detector test. These physiological indicators include blood pressure, pulse, respiration, and skin conductivity.
Although there are not any specific physiological reactions linked to lying, it can be challenging to identify factors that distinguish people who are lying with those who are telling the truth. This is due to the misconception that deceptive answers will result in physiological responses that can be distinguished from the ones associated with non-deceptive answers, which is the basis for the use of the polygraph.
The correct answer is option b.
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The question seems incomplete. The complete question is:
Mei is extremely upset because she has been falsely accused of stealing money from her employer. Her lawyer has suggested that Mei take a polygraph test to prove her innocence. She asks you whether she should agree to the test. Based on the research into the accuracy of polygraphs, you should tell Mei that polygraphs
a.are extremely accurate, and if Mei is truly innocent, she will pass with no problem.
b.only measure overall arousal levels and are not reliable indicators of whether or not people are lying.
c.sometimes wrongly indicate that innocent people are guilty, but are 100% accurate in detecting guilt.
d.sometimes wrongly indicate that guilty people are innocent, but are 100% accurate in detecting innocence.