User Account

All Pages

Illustrate what if jim loan had

Assignment Help Financial Accounting
Reference no: EM13129164

Jim and Sally are relatives. Jim loans Sally $12,000 to buy a new car. After Sally has paid back $2,000, Jim decides to forgive the rest of the loan and let Sally enjoy her car. What are the tax consequences to Sally? What about to Jim? What if Jim’s loan had been $25,000 instead of $12,000 and Sally hadn’t repaid a dime before Jim decided to forgive the balance?

Reference no: EM13129164

Questions Cloud

The story of an hour : Consider the major aspects (action/plot, character, setting, & language/voice) of "Clever Manka" and "The Story of an Hour." Describe one (1) of these aspects (by comparing/contrasting the aspect/element) in each story.
The role of the supernatura : The Role of the Supernatural: Both works that we read have elements that take us beyond realism
What is amortization loan : What is amortization loan? Can you give us an amortization loan example, for example, car loan or mortgage loan, and so on?
Find probability that sum of the face values is less : Ffind the probability that the face showing up a six turns up between 10 and 30 times. Find the probability that the sum of the face values of the 100 trials is less than 250.
Illustrate what if jim loan had : What about to Jim? Illustrate what if Jim’s loan had been $25,000 instead of $12,000 and Sally hadn’t repaid a dime before Jim decided to forgive the balance?
Qualify for like-kind exchange treatment : What requirements must be met for property to qualify for like-kind exchange treatment?
Is the machine an acceptable investment : edward company's required rate of return is 15%. the company can purchase a new machine at cost 40,350/. the new machine would generate cash inflows of 15,000 per year and have a four-year life with no salvage value. compute the machine's net pres..
Illustrate what was the cost of the units sold : A company had inventory of 8 units at a cost of $12 each on December 1. On December 2, they purchased 8 units at $21 each. On December 6 they purchased 7 units at $23 each. On December 8, they sold 18 units for $52 each. Using the LIFO perpetual i..
Calculate the direct materials price and quantity variances : Calculate the direct materials price and quantity variances fr the month Compute the direct labor rate and efficiency variances fir the month.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare an amortization schedule

Prepare an amortization schedule for the Note Receivable using the subsequent columns

  Compute the equivalent units of production

Materials are entered at the starting of the process. Conversion costs are incurred uniformly during the process. compute the equivalent units of production for (1) materials and (2) conversion costs.

  Evaluate the accounting principles

Evaluate the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements and List 5 format differences in companies' income statements.

  Explain how would auditor interpret negative information

the company's stock price is in a downward trend. Explain how would an auditor interpret this negative information with regard to a potential audit client? Explain how would your answer be different if this was a continuing client?

  Explain how is the computation for personal taxable income

Explain how is the computation for personal taxable income different from this income statement concept? Why do you think these differences exist?

  Create the appropriate journal entry

Create the appropriate journal entry to record the purchase on 1 st April, 20X7 and create the appropriate journal entry to record the year-end discount amortization on December 31, 20X7.

  Model business corporation act

Under the Model Business Corporation Act, a shareholder may ask a court to dissolve a corporation and An individual who joins an existing partnership has no liability for partnership debts that arose prior to his joining the partnership.

  How fraud someone perpetrated

They result from the fraud someone perpetrated, does this amount to a subsidy of the financial statement fraud from the federal government, and some state governments?

  Preparation of income statement

Preparation of income statement using absorption and marginal costing - Evaluate the unit product cost using absorption costing and Rework the income statement using absorption costing

  Illustrate what is minimum transfer price that twyla accept

Illustrate what is the minimum transfer price that Twyla should accept? What is the potential loss to the corporation as a whole resulting from this forced transfer?

  Identify any gross income with respect to the bonds?

Hugo did not sell the bonds by the end of the year. Must Hugo identify any gross income with respect to the bonds?

  Evaluate the breakeven point in number of oil changes

Using the high low method, evaluate utility costs. In addition, evaluate the variable costs per unit and total fixed costs. and evaluate the breakeven point in number of oil changes and sales dollars.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd