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

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.

how do i become brainless?

Answers

Answer:

If you're talking about brainliest then just answer a bunch of questions that you know the answer to and provide an explanation. You'll get one sooner or later. But if you're talking about actually going brainless, just donate your body to science. They'll probably remove your brain and experiment with it for a bit.

" The capable manpower is the key factor of any vocation ". Justify this statament with suitable examples .

Answers

Explanation:

The skilled workforce is related to the set of skills and knowledge that an individual has accumulated and that enables him to perform some function with technical knowledge and effectiveness.

The vocation can be understood as a personal inclination for the individual to choose to pursue a profession.

Therefore, vocation and training are related in the sense that when there is a vocation, there must be training for it to be legitimized.

An example of skilled labor can be the workforce in a civil construction, where each resource and technical skills must be employed in order for the final work to take place as planned in a safe and effective manner.

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!

Karen works in a department store. Her coworkers have diverse cultural backgrounds. Which statement shows that Karen understands the importance of multiculturalism?

A.
She values a consistent focus on knowing and completing her daily tasks.
B.
She expects everyone to conform to the same ideas about punctuality.
C.
She appreciates how other perspectives enhance customers’ shopping experiences.
D.
She values completing a job on schedule more than taking time to build relationships.

Answers

A.

She values a consistent focus on knowing and completing her daily tasks.Answer:

Explanation:

She appreciates how other perspectives enhance customers’ shopping experiences

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

What was the opening price of Dow Jones Industrial Average on Jul 09, 2018 in the format of XXXXX.XX?

Answers

Answer:

According to yahoo finance, the opening price of the Dow Jones Industrial Average on Jul 09, 2018, is 24519.20.

Explanation:

Dow Jones Industrial Average is a stock indicator of the top 30 companies of the US. Other indicators include NASDAQ Composite and S&P 500.

These indicators are used to assess the performance of the market on a subsequent day. From the historical data from the Yahoo Finance, the value for any day could be found which for July 09, 2018 is 24519.20.

Which of the following pieces of information is NOT commonly collected on a job application?

A. Social media links
B. Contact information
C. Education history
D. Prior work experience

Answers

Answer:

The answer to this question is A

When formatting your resume, it is important to ____
a. Order the content logically
b. Make the overall design appealing
c. Ensure the grammar and spelling is flawless
d. All of the above

Answers

All of the above When formatting your resume, it is important to do all

A hotel is part of what industry?
A.
Service
B.
Wholesaling
C.
Subcontracting
D.
Cottage


Please select the best answer from the choices provided

A
B
C
D

Answers

Hopes this helps:

Answer: A. Service

Please mark as brainlist
A.
Service i did this

Brainliest-
How any two stakeholders affect the quality of toyota's products?​

Answers

Answer:

The company's brand value, human resource skills, and financial soundness are all influenced by these stakeholders. It affects toyota's quality products to be either better or worse.

Globalization includes all of the following except
O an integrated global economy
O free flow of capital
O free trade
O limits on global expansion

Answers

Answer:

d. limits on global expansion

Explanation:

;p

Answer:

limits on global expansion

Explanation:

got it right on edge 2023 business law!!

The expectation of a future devaluation of a fixed exchange rate will lead to Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a a sharp rise in reserves and a rise in the domestic interest rate above the world interest rate. b a sharp fall in reserves and an unchanged domestic interest rate. c a sharp fall in reserves and a rise in the domestic interest rate above the world interest rate. d a sharp rise in reserves and a fall in the domestic interest rate below the world interest rate.

Answers

Answer:

c a sharp fall in reserves and a rise in the domestic interest rate above the world interest rate.

Explanation:

A devaluation of fixed foreign exchange rate of a country will make the local currency cheaper compared to other currencies.

This implies that other countries will benefit more from buying the countries goods which are now cheaper (exports).

Imports will be more expensive as foreign currencies will have higher value.

Inflation results in this situation leading to increased interest rates aimed at curbing the fall of price of goods.

In order to maintain a level of stability in the economy also the reserves of the country will be used to stabilise the local currency. So reserves will fall.

Regina is looking to start a knitting business and completes a target profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved. ​

Answers

Answer:

geographic information

What are the 3 reasons for the Wealth Gap?

Answers

Answer:

(iii) Growth in technology widens income gap. Growth in technology arguably renders joblessness at all skill levels [3].  

(iv) Gender does matter. In many countries, there is a gender income gap in the labor market [3].

(v) Personal factors.  

(ii) Globalization.

Explanation:

mark brainliest

PLS ANSWER

The unit discusses the word ‘holistic’ in relation to childbirth. Can you think of any other areas of health and wellness that might have holistic approaches? Why might someone want to try a holistic approach?

Answers

Answer:

The word Holistic means to realize and observes any social behaviors in patients and how they see themselves, along with the treatment they may need. A holistic approach may be needed in a situation where a patient needs both mental and physical treatment.

Explanation:

This was just my answer for the assignment. Please rephrase and reword it if you are going to use it.

Hope this helps!

The____represents more than. 380,000 retail and institutional food service operation, including restaurants, suppliers, educators, and non-profits.​

Answers

National Restaurant Association

HELP PLZ NO DOWNLOADS OR LINKS IT WILL BE REPORTED AND ANY UNHELPFUL ANSWERS

Answers

far left = top left

middle left = top right

left middle = bottom right

far left = bottom left

plsss help!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Answers

Answer:

either B or D

Explanation:

I hope this helps. have a nice day

Either d or b
Have a great day n drink water :))

Which of the following is a fixed cost for a company that sells greeting cards online and mails the printed cards to customers?

Answers

Answer:

D

Explanation:

A. The paper and glue to make the cards B. Hourly workers who assemble and ship the cards C. Packaging and shipping costs D. A paper cutting machine

Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments

If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.  

Hourly wage costs and payments for production inputs are variable costs

Variable costs are costs that vary with production

If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.  

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.

Assume that a local restaurant sells two items, salads and steaks. The restaurant’s only two customers on a particular day are Mr. Carnivore and Ms. Leafygreens. Mr. Carnivore is willing to pay $20 for a steak and $7 for a salad. Ms. Leafygreens is willing to pay only $8 for a steak, but is willing to pay $12 for a salad. Assume that the restaurant can provide each of these items at zero marginal cost.

How much additional profit can the restaurant earn by switching to the use of a tying strategy to price salads and steaks rather than pricing these goods separately?
a. $20
b. $12
c. $7
d.$6

Answers

Answer:

d.$6

Explanation:

$6  profit can the restaurant earn by switching to the use of a tying strategy to price salads and steaks rather than pricing these goods separately

What are the goods?

The term Goods are products and resources that satisfy people's needs and wants. A good can be a natural science object, a provided service, or some accumulation of the two. Just about anything is good if it supplies some kind of benefit to consumers.

Using the technique of tying, products are packaged so that the price of the tied (combined) good is more in line with the buyer's overall willingness to pay for the two things.

There are four different types of goods in economics, which can be classified based on excludability and rivalrousness: private goods, public goods, common resources, and club goods.

Therefore, option (D) is correct.

Learn more about goods here:

https://brainly.com/question/12802278

#SPJ6

Kathryn wants to open a bank account that allows here to perform frequent transactions without being charged a penalty, and she does not want to maintain a minimum balance. What type of bank account should she open?

Answers

Answer:

checking account

Explanation:

A checking account is the bank account in which you can easily access your money. Here the purchase could be made via debit card, cheques, etc. It have no interest or low interest. It contains the service fees but it could be waived off by meeting out the balance or the requirement of the direct deposit

so as per the given situation, the person wants to perform frequent transactions without having any penalty and also she wants to maintain the minimum balance

So checking account should be opened

You and your design group are competing for a multidisciplinary concept project. Your firm is the lead group in the design professional consortium formed to compete for the project. Your consortium has been selected to be the first to enter fee negotiations with the project owner. During negotiations, the amount you have to cut from your fee to be awarded the contract will require dropping one of the consortium members whose staff has special capabilities not found in the staff of the remaining consortium members. Is your consortium response in the negotiations ethical

Answers

Answer: No, not if the owner is left with the impression that the consortium is still fully qualified to perform all the required tasks

Explanation:

The purpose of a team is to work together, when the lead person is not involved the team may not be able to coordinate themselves to carry on with the task. Considering the project, dropping one of the consortium member with the best skill would be a turn off for the deal. For the team to do well, they need each other, especially the lead or most skillful, not including this in the deal is a loss already

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

Insurance is an example of a(n)_______


A) fixed cost
B) opportunity cost
C) variable cost
D) none of the above

Answers

Answer:

Based on my research I believe that the answer is 'A. Fixed Cost'.

Explanation:

I hope this was helpful, have a blessed day.

ANSWER

Based on my research I believe that the answer is A- Fixed cost

Explanation

Fixed cost are those cost which are not output dependent .

Fixed cost are fixed till certain level of output.

Fixed cost per unit charges with output.

I hope this was helpful

Ways in which the government can participate in economic activities​

Answers

Answer:

Explanation:

In the United States, the government influences economic activity through two approaches: monetary policy and fiscal policy. Through monetary policy, the government exerts its power to regulate the money supply and level of interest rates. Through fiscal policy, it uses its power to tax and to spend.

Which of the following is most likely to be a benefit of storing the information from each calling session in a database? The company can analyze the calling session data and thereby make better business decisions. The company can analyze the calling session data and thereby make better business decisions. A The company can ensure that customer information is protected from misuse. The company can ensure that customer information is protected from misuse. B The company can reduce the costs associated with data storage. The company can reduce the costs associated with data storage. C The company can reduce its need for data compression.

Answers

Answer:

The company can analyze the calling session data and thereby make better business decisions.

Explanation:

Feedback from the customer and a view of how the customer pictures a company is a very important tool used to change future decisions a business makes.

This will influence decisions that will make the company more competitive and satisfy it's customers.

In the given instance a benefit of storing the information from each calling session in a database is that information gleaned from such calls will guide management in making customer friendly policies in the future.

What type of accounting is more rules-based?

Answers

GAAP

Explanation:

That would be the Generally Accepted Accounting Principles (GAAP) system which is rules based.

Alternatively:

The International Financial Reporting Standards. (IFRS) on the otherhand would be the one thats principles based.

The options strategy of a Bull Put Spread is best described by: Short a call with a strike price higher than the put you are long, on the same underlying asset Long a put with a strike price lower than the put you are short, on the same asset None of the answers Long a put with a strike price higher than the put you are short, on the same underlying asset Short a put with a strike price lower than the call you are long, on the same underlying asset

Answers

Answer:

Long a call with a strike price lower than the call you are short, on the same underlying asset

Explanation:

A bull put spread would involve one short put having a high strike price and 1 long put having a less strike price. It would be created for the net amount collected and the profits arise from increase in the stock price or from time erosion or from both the things

The option strategy that should be best described is that the call would be long having a strike price less than the short call for the similar underlying asset  

Other Questions
Select the most precise verb to complete the sentence. Before we could try the zip line, the instructor Choose that we listen carefully to the safety rules. a .asked b. insisted c. requested d. suggested I WILL GIVE BRAINLYST TO FIRST CORRECT RESPONSE NO LINKS OR I WILL REPORT Why did the Aztec build causeways?O to travel by canoeO to farm on chinampasO to store more fresh waterO to make travel by land easier Compare the value of the 3 in 340, 500 to the value of the 3 in 3,160,000Which statement is true? Please help! I need to work out the size of angle x. 7. Yo___que debemos separar el papel y vidrio___de llevarlo al centro de reciclaje.O dicen; antesO digo, antesO decir, despusO digo; despus Why do some people think that international law is helpful to protect the rights of all people ? the altitude is drawn from the vertex angle of an isosceles triangle and is 15 cm long, if the base of the triangle is 16 cm long, how long are the legs? Why are the modern Republican and Democratic Parties both considered to have "progressive" tendencies? What is the hamming distance between the following bits? Sentbits: 101100111, Received bits: 100111001Select one: 5. Or 3 or 6 or4 Which of the following is an example of trauma?O A. ChokingO B. Drug overdoseO C. Unusually painful headachesD. Suicidal thoughts Carla has to pack 600 oranges into 24 crates. If each crate holds the same number of oranges, how many oranges are in each crate? How do I solve this arithmetic sequence? At the beginning of 2020, Concord Company acquired a mine for $3,251,600. Of this amount, $124,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 12,100,000 units of ore appear to be in the mine. Concord incurred $210,800 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the mineral has been removed was $49,600. During 2020, 2,634,000 units of ore were extracted and 1,894,000 of these units were sold.Required:a. Compute the total amount of depletion for 2020.b. Compute the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020. sum of 20 and 8 minus the product of 3 and 5 Ms. Robinson has $75 in her bank account and is depositing $15each week. Ms. LaSpina has $225 in her bank account and iswithdrawing $10 each week. How many weeks will it take for thebank accounts to have the same amount? What will that amountbe? Pls help me with this plzzz help will mark brainlyest and extra points! (complete all the work, if you don't i report you) :) Your civil rights movement (black civil rights). This article should be two paragraphs in length. What was the movement and who was it fighting for?Which groups fought back against your movement?Did the government take any action in support of or against your movement?How has your movement continued to impact lives today in the 21st century? solve the inequality 4x + 6>22 Describe the research by Sandia National Labs on wind and geothermal power. (Site 2) Dr. Kershaw Invests $25,000. She earns 10.0% simple annual interest on her investment. Howmuch more interest would Dr. Kershaw earn after 2 years if her investment had earned 10.0%annual interest compounded annually?A $5,000B $0C $5,250D $250i