Business, 15.10.2020 14:01 rebeccamckellpidge

In 2017, John opened an investment account with Randy Hansen, who held himself out to the public as an investment adviser and securities broker. John contributed $200,000 to the account in 2017. John provided Randy with a power of attorney to use the $200,000 to purchase and sell securities on John’s behalf. John instructed Randy to reinvest any gains and income earned. In 2017, 2018, and 2019, John received statements of the amount of income earned by his account and included these amounts in his gross income for these years. In 2020, it was discovered that Randy’s purported investment advisory and brokerage activity was in fact a fraudulent investment arrangement known as a Ponzi scheme. In reality, John’s account balance was zero, the money having been used by Randy in his scheme. Required:
Identify the relevant tax issues for John.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 17:50

Variable rate cd’s = $90 treasury bills = $150 discount loans = $20 treasury notes = $100 fixed rate cds = $160 money market deposit accts. = $140 savings deposits = $90 fed funds borrowing = $40 variable rate mortgage loans $140 demand deposits = $40 primary reserves = $50 fixed rate loans = $210 fed funds lending = $50 equity capital = $120 a. develop a balance sheet from the above data. be sure to divide your balance sheet into rate-sensitive assets and liabilities as we did in class and in the examples. b. perform a standard gap analysis and a duration analysis using the above data if you have a 1.15% decrease in interest rates and an average duration of assets of 5.4 years and an average duration of liabilities of 3.8 years. c. indicate if this bank will remain solvent after the valuation changes. if so, indicate the new level of equity capital after the valuation changes. if not, indicate the amount of the shortage in equity capital.

Answers: 3

Answer

Business, 22.06.2019 23:50

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours.required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)

Answers: 2

Answer

Business, 23.06.2019 03:00

On december 31, 2016, the decarreau, andrew, and bui partnership had the following fiscal year-end balance sheet: cash $10,000accounts receivable $20,000inventory $25,000plant assets - net $30,000loan to decarreau $18,000total assets $103,000accounts payable $14,000loan from bui $15,000decarreaua, capital (20%) $32,000andrew, capital (10%) $23,000bui, capital (70%) $19,000total liab./equity $103,000the percentages shown are the residual profit and loss sharing ratios. the partners dissolved the partnership on january 1, 2017, and began the liquidation process. during july the following events occurred: * receivables of $18,000 were collected.* all inventory was sold for $15,000.*all available cash was distributed on january 31, except for$8,000 that was set aside for contingent expenses.the book value of the partnership equity (i.e., total equity of the partners) on december 31, 2016 isa. $58,000b. $71,000c. $66,000d. $81,000

Answers: 1

Answer

Business, 23.06.2019 23:00

Fred is fishing at the local area lake while on vacation. he gets lightheaded and dizzy and goes to the local hospital emergency department. he's evaluated by the ed provider. this is the first time he has been to this hospital. what subsection is used to report the ed visit?

Answers: 1

Answer

You know the right answer?

In 2017, John opened an investment account with Randy Hansen, who held himself out to the public as...

Questions