in February 2022 Jasmine inveeste $1000 in a 5yr CD with Capital bank.She withdrew $250 inSeptember 2022. What are the circumstances of her withithdrawal

CD stands for certificate of deposit which is a kind of savings account in which a fixed amount is…

Answered: in February 2022 Jasmine inveeste $1000…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 10DQ

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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.
Q1: Last year Henry borrowed $15,000 to help pay for his dependent daughter's college tuition. This year (in 2023) Henry paid $2,800 of interest on the loan. How much, if any, interest can Henry deduct if he files single with AGI of $82, 500?
In 2022, Wilbur had the following transactions: Alimony paid (settled in 2017) Commissions earned as a salesperson Capital loss on stock investment Gifts received from mother Wilbur's AGI for 2022 is: 1. $43,400 2. $45,400 3. $49,400 4. $51,400 5. None of the above $3,600 $54,000 $1,000 $6,000
basis of his Bob exchanged a building for another building on April 3, 2023. The adjusted building was $320,000. He also gave $50,000 cash. He received a building with a fair market value of $450,000. How much gain or loss must he recognize on the exchange? $80,000 gain $0 $50,000 loss $50,000 gain I Liana Amiri, single and no dependents has the following transactions in 2023: Long term capital gain $22,000 Long term capital loss Short term capital gain Short term capital loss (8,000) 19,000 (23,000)
Lyka provided the following data on sale of his personal property sold in 2018 held by him for 15 months: Jerry, married, with 2 minor choldren, had the following data: 2019 2020 Business income P 410.800 P 306,700 Cost P 225,000 Interest on time deposit 3,000 2,000 Mortgage assumed by the buyer with BPI 270,000 Short-term capital gain 290.500 10,000 Long-term capital gain 20.600 290,000 80,200 Installment Collection Schedule: Short-term capital loss 20,900 Long-term capital loss 80,400 2018 67,500 2019 67,500 How much is the taxable income of Jerry for 2020 45,000 year 2019? How much is the taxable income of Jerry for the year 2020? How much is the selling price? A resident corporation has the following data on income and expenses In 2020: Gross sales P 1,025.O00 Sales returns and allowances 10,000 Sales discounts 3,500 Interest incone on t ade notes receivable 15,000 Capital gain on asset helld for 2 years 50.000 Cost of sales 415.670 Operating expenses with vouchers and receipts…
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On 1 July 2019 Mary acquired a leather sofa for $23723. Mary borrowed $29,000 of the money from XYZ Bank. The loan was a fixed interest loan on which Mary paid interest of $5,000. Mary sold it in September 2019 for $33227. Required: Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that income year
In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2022. Question Content Area a. Is Sonja subject to the FBAR reporting requirement? Sonja is required to file an FBAR form for 2022 because on at least one day during 2022 she had over $fill in the blank 08426906fff3031_1 in a foreign bank account. Question Content Area b. Is the interest income taxable in the United States? , of the interest income earned from this account is taxable in the United States.
Hello, I need help solving this accounting problem.
On October 12, 2021, Max purchased one Bitcoin for $57,322. On December 19, 2021, he sold the Bitcoin for $46,503. On December 29, 2021, he bought another Bitcoin for $48,119. These were his only transactions during the year involving virtual currency. When Max files his 2021 return, the sale of the Bitcoin should be reported as a: $0 capital gain or loss, after making the adjustment for a disallowed wash sale loss. $10,819 adjustment to income on Schedule 1, Additional Income and Adjustments to Income. $10,819 foreign currency loss under Section 988 of the Internal Revenue Code. $10,819 short-term capital loss.
LO.2 Selma operates a contractor's supply store. She maintains her books using the cash method. At the end of 2023, her accountant computes her accrual basis income that is used on her tax return. For 2023, Selma had cash receipts of $1,400,000, which included $200,000 collected on accounts receivable from 2022 sales. It also included the proceeds of a $100,000 bank loan. At the end of 2023, she had $250,000 in accounts receivable from customers, all from 2023 sales. a. Compute Selma's accrual basis gross revenues for 2023. b. Selma paid cash for all of the purchases. The total amount paid for merchandise in 2023 was $1,300,000. At the end of 2022, she had merchandise on hand with a cost of $150,000. At the end of 2023, the cost of merchandise on hand was $300,000. Compute Selma's gross income from merchandise sales for 2023.

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in February 2022 Jasmine inveeste $1000 in a 5yr CD with Capital bank.She withdrew $250 in September 2022. What are the circumstances of her withithdrawal