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A mortgage lender attempted to increase its business by marketing its subprime mortgage. This mortgage is designed for people with a less-than-perfect credit rating, and the interest rate is higher to offset the extra risk. In the past year, 20% of these mortgages resulted in foreclosure as customers defaulted on their loans. A new screening system has been developed to determine whether to approve customers for the subprime loans. When the system is applied to a credit application, the system will classify the application as "Approve for loan" or "Reject for loan." When this new system was applied to recent customers who had defaulted on their loans, 90% of these customers were classified as "Reject." When this same system was applied to recent loan customers who had not defaulted on their loan payments, 70% of these customers were classified as "Approve for loan."
(a) If a customer did not default on a loan, what is the probability that the rating system would have classified the applicant in the reject category?
(b) If the rating system had classified the applicant in the reject category, what is the probability that the customer would not default on a loan?
Determine Shauna's taxable income and complete page 2 of Form 1040 (through taxable income, line 43) and Schedule A assuming her AGI is $107,000.
Determine the Hong Kong salaries tax liability of Mr Ma for the year of assessment 2011/12, making the best election where appropriate. Ignore provisional salaries tax and tax reduction or waiver.
Advise the directors as to the Hong Kong profits tax implications in relation to the taxability of profits of the Korean Company, as well as the profits accruing to the Hong Kong entity involved.
part a - tax policydiscuss whether a capital gains tax in your opinion would result in a more equitable tax system in
Write the journal entry to record income tax expense, deferred taxes, and income taxes payable.
Discuss whether Fred is a resident of Australia for taxation purposes - Explain why the receipts in Egerton-Warburton & Ors v DFC of T (1934) 51 CLR 568 were assessable, but the receipts in IRC v Ramsay (1935) 1 All ER 847 were treated as capital a..
1.During 2013, its first year of operations, Baginski Steel Corporation reported an operating loss of $375,000 for financial reporting and tax purposes. The enacted tax rate is 40%.
Determine Sam's taxable income for 2014.
Assume the original facts except substitute Jason's grandparents for his parents. Determine whether Jason's grandparents can claim Jason as a dependent.
Create contribution margin income statements at sales level of $255,000 and $363,000 and calculate breakeven sales in dollars
Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contribution.
Determine Sam taxable income
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