Bob paid $10,000 in net premium for universal life insurance policy and tookwithdrawal of $4,000 when policy cash value was $11,000. Assuming Bob neverpreviously taken a cash value withdrawal and the policy is not a modified endowmentcontract, what amount is taxable to Bob? A. $0B$1,000 C. $4,000 D. $3,000

In universal life insurance there is life insurance and also there is some cash value of life…

Answered: Bob paid $10,000 in net premium for…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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1. If John had deposited N$ 100 000 of his lump sum into a NamPost saving accountand earned interest on the savings account, the interest received by John would notbe taxable.a) Falseb) True2. Specifically included in John’s Gross Income should be any amount, excluding allvoluntary award, received or accrued in respect of services rendered or to berendered.a) Trueb) False 3. Desmond Xaweb 68-year old pensioner owns three tuck shops in Kunene Region. Hehas lived his whole life in Namibia and has never left the country. Desmond is alsothe owner of a house located a few kilometres outside Okahandja. After his death inJanuary this year, Desmond’s grandson, Dion, inherited the house. The house wasvalued at N$ 2 500 000 by an independent real estate evaluator. After facing cashflow problems, Dion decided to sell the house for N$ 2 000 000 during the sameyear. Will the proceeds from the sale of house by Dion be considered of incomenature?a) Trueb) False 4.24. Lisa Kutako, a property developer…
Would you help me with this problem. Thank you
2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.
39. Annie is covered by a $200,000 group-term life insurance policy of which her daughter is the sole beneficiary. Annie's employer pays the entire premium for the policy, for which the uniform premium table factor is $0.75 per $1,000 per month of coverage. How much, if any, of the cost of the group-term life insurance is included in Annie's gross income on an annual basis? a. $0. b. $450. c. $1,350. d. $1,800.
Jose owned Pedro the sum of P 5,000 due on Dec. 31, 1975 and P 6,000 due on Dec. 31, 1998. However Jose was unable to pay as agreed and was allowed to make a payment of P 8,000 on Dec. 31,2000 and a final payment of P 5,380 on Dec. 31, 2001. Determine the annual rate of interest on this payment?
3 Evan invested $30,000 in a segregated fund contract a few years ago and has been making annual deposits to the account regularly. He is approaching retirement and wishes to receive regular annual payments after retirement for as long as he lives to manage his expenses instead of a lump-sum payment at contract maturity. Which of the following benefits can be added to Evan's existing contract to meet his needs? ZnFadkJEYm91SVgxL1h6YUR1cUU5Zz09 → Guaranteed Retirement Income Benefit b. O Guaranteed Income Supplement Benefit c. O Guaranteed Lifetime Withdrawal Benefit d. Guaranteed Minimum Withdrawal Benefit a.
Aa.55.
Interview Notes Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500, which includes gambling winningsof $1,000. Michael would like to itemize his deductions this year. Michael brings documentation for the following expenses: $8,200 Hospital and doctor bills $700 Contributions to Health Savings Account (HSA) $2,500 Long Term Care Insurance premiums before age limitation applied $3,400 State withholding (higher than Michael’s calculated state sales tax deduction) $300 Personal property taxes based on value of vehicle $400 Friend’s personal GoFundMe campaign $275 Cash contributions to the Red Cross $100 Fair market value of clothing in good condition donated to the SalvationArmy (Michael purchased clothing for $800) $7,500 Mortgage interest $820 Real estate tax $230 Mortgage Insurance Premiums (PMI) on a home he purchased in 2017. $150 Homeowners association fees $2,000 Gambling losses 11. If Michael chooses to itemize, which of the following…
None
match the following
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