In December 2019, Todd, a cash basis taxpayer, paid $1,200 of fire insurance premiums for the calendar year 2020 on a building he held for rental income. Todd deducted the $1,200 of insurance premiums on his 2019 tax return. He had $150,000 of taxable income that year. On June 30, 2020, he sold the building and, as a result, received a $500 refund on his fire insurance premiums. As a result of the above:
a. Todd should amend his 2019 return and claim $500 less insurance expense. b. Todd should include the $500 in 2020 gross income in accordance with the claim of right doctrine. c. Todd should add the $500 to his sales proceeds from the building. d. Todd should include the $500 in 2020 gross income in accordance with the tax benefit rule. e. None of these choices are correct.

A) plot the m1 and m2 money stock in the us from 1990-2015. (hint: you may use the data tools provided by fred.) (b) plot the nominal interest rate from 1960 to 2014. (hint: you can either use the daily interest rates for selected u.s. treasury, private money market and capital market instruments from or the effective federal funds rate fromfred.) (c) the consumer price index (cpi) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. intuitively, the cpi represents the cost of living or the average price level. plot the cpi from 1960 to 2013.(d) the inflation rate is the yearly percentage change in the average price level. in practice, we usually use the percentage change in the cpi to compute the inflation rate. plot the inflation rate from 1960 to 2013.(e) explain the difference between the ex-ante and ex-post real interest rate. use the fisher equation to compute the ex-post real interest rate. plot the nominal interest rate and the ex-post real interest rate from 1960 to 2013 in the same graph.

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. question 1 options: true false

Record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions: a. the allowance for doubtful accounts before adjustment has a credit balance of $500. b. the allowance for doubtful accounts before adjustment has a debit balance of $250. c. assume that octoberʼs credit sales were $70,000. uncollectible accounts expense is estimated at 2% of sales. smith, gaylord n.. excel applications for accounting principles (p. 51). cengage textbook. kindle edition.