In 2019, jeff and kim jenson (married filing a joint return) have $250,000 of taxable income before considering the following transactions: a. on march 2, 2019, they sold a painting (art) for $100,000 that was inherited from grandma on january 23, 2019. the fmv on the date of grandma's death was $90,000 and grandma's adjusted basis in the painting was $25,000; b. a $12,000 loss on 11/1/19 sale of bonds (acquired on 5/12/11); c. a $4,000 gain on 12/12/19 sale of ibm stock (acquired on 2/5/19); d. a $20,000 gain on the 10/17/19 sale of rental property. of the $20,000 gain, $11,000 is reportable as gain subject to the 25% maximum rate and the remaining $9,000 is subject to the 15% maximum rate (the property was acquired on 8/2/14); e. a $12,000 loss on 12/20/19 sale of bonds (acquired on 1/18/19); f. a $7,000 gain on 8/27/19 sale of bh stock (acquired on 7/30/14); andg. a $11,000 loss on 6/13/19 sale of quikco. stock (acquired on 3/20/16).complete the required netting procedures and calculate the jenson's 2019 tax liability.

Sarah needs to complete financial aid packets. during which school year would she do this? sophomore freshman senior junior

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inventory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a.prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price.b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1

If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided