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Allison is trying to complete her income-tax return. A number of questions have come up about life insurance. Explain the tax treatment of each of the following.
a. Allison is the beneficiary named in her grandfather’s life insurance policy. Her grandfather died this year and Allison received a lump-sum payment of $50,000. She wonders if she has to report the $50,000 as taxable income.
b. Allison purchased a $100,000 cash-value life insur- ance policy on her own life 6 years ago. This year, the cash value increased by $380. Allison wonders if the cash-value increase must be reported as taxa- ble income. The policy remains in force.
c. Allison’s annual life insurance premium is $350. Allison itemizes her income-tax deductions. She wonders if her life insurance premium is a tax- deductible expense.
d. Allison’s ordinary life insurance policy is a participating policy. This year she received a cash dividend of $120. She wonders if she is required to report the $120 as taxable income.
Trang has strictly convex indifference curves and is indifferent between the bundles (16, 2) and (2, 4) Use the definition of strict convexity to show that Trang prefers (9, 3) to (2, 4).
What are the five factors that influence comparative advantage? How can the government use different fiscal policies to [a] lower unemployment and [b] reduce inflation?
Graphical demand and supply analysis, explain the impact on price and quantity in the market for petrol if oil production is disrupted.
Prove the following claim: The more elastic the demand and supply curves are, the higher the deadweight loss associated with the introduction of a per unit tax will be. Hint: consider two general linear demand and supply functions, calculate the dead..
Joseph, who owns the only pizza parlor in Middletown, learns that Giovanni is about to open a competing pizza parlor in the same small town, just a few blocks from Joseph's restaurant. Joseph offers Giovanni $10,000 in return for Giovanni's promise n..
A nation suffering from high unemployment would welcome: A: currency appreciation B. A wave of foreign investment C. currency depreciation D. effects of less expensive exports
Currently there is a debate about whether high employment rates in the US are the result of cyclical factors or structural factors. Describe this debate? What impact might immigration have on the different types of unemployment?
Which of the following can occur as a result of advertising in a monopolistically competitive market? Check all that apply.
Sally owns a ceiling fan company. Last year, she sold 1300 ceiling fans at $60 each, and each fan costs her $30. Before going into the ceiling fan business, she worked as a fan-dancer at $38,000 a year.
Which of the following statements correctly defines a demand curve?
You are responsible for detecting the source of errors when the computer system fails. From your analysis you know that the source of error is the disk drive, computer memory, or the operating system. You know that 50% of the errors are disk drive er..
Common website navigation types include all of the following except
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