Marcella (a calendar year taxpayer) purchased a sculpture for $5,000. When the sculpture is worth $12,000 (as later determined by the IRS), Marcella donates it to the Peoria Museum of Art, a public charity. Based on the appraisal of a friend, Marcella deducts $38,000 for the donation. Because Marcella was in the 24% marginal Federal income tax bracket, overstating the deduction by $26,000 results in a tax underpayment of $6,240.

Compute Marcella's overvaluation penalty.

Answers

Answer 1

Answer:

$2,496

Explanation:

Marcella's overvlauation = $38,000 - $12,000 = $26,000

It is more than twice the fair value of the sculpture ($12,000 x 2 = $24,000), so her penalty will be doubled.

The normal penalty = 20% x $6,240 = $1,248

Double the penalty = $1,248 x 2 = $2,496


Related Questions

Drew buys 100 shares of Balsamic Corporation for $23 per share. Over the next year, Balsamic pays four quarterly dividends of 50 cents per share and the share price increases to $25. What has Drew's annual return been on the stock

Answers

Answer:

500 million

Explanation:

Question #4
Multiple Choice
What is one of the major skill sets reinforced in the Common Core State Standards initiative?

-Obedience and humility
-Memorization skills
-Communication skills
-Government and civics

Answers

Answer:

-Communication skills

Explanation:

One of the major skill sets reinforced in the Common Core State Standards initiative is "Communication skills."

This above statement is true in the sense that the Common Core State Standards put more priority on the significance of conversing and listening in expanding vocabulary up to grade 5 and on the magnitude of making the presentation of information in a manner that improves communication generally. It also involves assessing others' presentations in grades 6-12.

Hence, the correct answer, in this case, is "Communication skills."

What's the appropriate response to receiving a talk about breaking a rule?

Answers

Answer:

Listen, dont be disrespectfull, and learn from it

Explanation: Dont dig a deeper hole

One of your very best clients introduces you to his son and then, one week later, is injured in an accident and is totally paralyzed and unable to speak. The son calls you and enters an order for his father's account that is entirely consistent with your client's trading habits. As an agent, you would A) visit your client in the hospital and ask him to squeeze your hand if he wishes to go ahead with the trade B) follow the son's instructions C) refuse the trade without a signed power of attorney D) act in accordance with the client's last will and testament

Answers

Don't listen to that guy it's virus, be careful ok

whats the meaning of oligopoly and monopoly market structure​

Answers

Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence. A monopoly is one firm, a duopoly is two firms and an oligopoly is two or more firms.

Answer:

Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence, whereas monopoly is one firm, a duopoly is two firms and an oligopoly is two or more firms.

Explanation:

got it from class with help from investopida

Alicia just got a new job and will need to file taxes this year. During this year
she gave birth to a little girl, borrowed $1,000 from her best friend, gave her
mother $500 to help pay some bills, and bought her younger cousin a pair of
shoes. Which one of these people could Alicia claim as a dependent?
O A. Her mother
O B. Her best friend
Ο Ο Ο
C. Her younger cousin
D. Her daughter

Answers

Answer:

D, her daughter.

Explanation:

Children are almost always a dependent on their parent(s).

The  one of these people could Alicia claim as a dependent is: D. Her daughter.

What is dependent?

A dependent can be defined a the person who rely on a person for financial support.


Based on the given scenario the dependent will be Alicia little child because the child cannot fed for her self and will have to depend on the her mother.

Therefore the  one of these people could Alicia claim as a dependent is: D. Her daughter.

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To determine a credit score, debt, available credit and total assets are all part of the
calculation. It is important to have the ability to calculate total assets to improve a credit
score. The Smith family has a net worth of $100,000 and liabilities equaling $67,000, what is
the amount of their assets?
$100,000
O $67.000
O $33,000
O $167,000

Answers

Answer:

Net assets of smith family = $167,000

Explanation:

Given:

Net worth of smith family = $100,000

Net liabilities of smith family = $67,000

Find:

Net assets of smith family

Computation:

Net assets = Net worth + Net liabilities

Net assets of smith family = Net worth of smith family + Net liabilities of smith family

Net assets of smith family = $100,000 + $67,000

Net assets of smith family = $167,000

Uber is considering adding a service to their current offering. Instead of picking up people and taking them to their destination, Uber is thinking about adding a local pickup and delivery service for things such as documents, packages, and food products. With Walmart now offering pickup grocery service, a person could order and have Uber actually do the pickup and delivery. Focus groups indicate that there is a potentially large demand for this service. Before introducing this across the Uber system, Uber has chosen to try the service out in Phoenix and St. Louis. The pickup and delivery service is in the_________ stage of the new-product development.

Answers

Answer:

test market

Explanation:

From the question, we are informed about Uber who is considering adding a service to their current offering. Instead of picking up people and taking them to their destination, Uber is thinking about adding a local pickup and delivery service for things such as documents, packages, and food products. With Walmart now offering pickup grocery service, a person could order and have Uber actually do the pickup and delivery. Focus groups indicate that there is a potentially large demand for this service. Before introducing this across the Uber system, Uber has chosen to try the service out in Phoenix and St. Louis. In this case, The pickup and delivery service is in the test market stage of the new-product development.

In domain of marketing, A test market can be regarded as a geographic region as well as demographic group that is utilized in guaging of the viability of a particular product/service in the mass market before porting to a wide scale roll-out.

If an agreement can not be made, a democratic leader will
A) LEAVE IT UP TO THE EMPLOYEES
B) WILL MAKE THE FINAL DECISION THEMSELVES

Answers

Answer:

B

Explanation:

cuz u need to talk about it as a group

Answer:

I would say neither or B)

Regardless of their political party, all leaders should collaborate with their workers until an agreement has been reached. Also, note that democracy means that the power is in the hands of the people. But even so, leaders should still play a role in the conversation.

In the Keynesian conception of the AD/AS model: An increase in AD can expand real output and employment without causing much inflation.An increase in AD can expand real output and employment without causing much inflation.An increase in AD can expand real output and employment only by causing a great deal of inflation.An increase in AD can expand real output and employment only by causing a great deal of inflation.A decrease in AD can reduce inflation substantially but causes unemployment.A decrease in AD can reduce inflation substantially but causes unemployment.Changes in AD and changes in the price level are inversely related.Changes in AD and changes in the price level are inversely related.The only effective fiscal policy is to increase aggregate supply.

Answers

Answer:

An increase in AD can expand real output and employment without causing much inflation.

Explanation:

John Maynard Keynes was a British economist born on the 5th of June, 1883 in Cambridge, England. He was famous for his brilliant ideas on government economic policy and macroeconomics which is known as the Keynesian theory. He later died on the 23rd of April, 1946 in Sussex, England.

Fiscal policy in economics refers to the use of government expenditures (spending) and revenues (taxation) in order to influence macroeconomic conditions such as Aggregate Demand (AD), inflation, and employment within a country. Fiscal policy is in relation to the Keynesian macroeconomic theory by John Maynard Keynes.

A fiscal policy affects combined demand through changes in government policies, spending and taxation which eventually impacts employment and standard of living plus consumer spending and investment.

According to the Keynesian theory, government spending or expenditures should be increased and taxes should be lowered when faced with a recession, in order to create employment and boost the buying power of consumers.

Aggregate demand (AD) can be defined as the total quantity of output (final goods and services) that is demanded by consumers at all possible price levels in an economy at a particular time.

On a standard Aggregate demand (AD)-Aggregate supply (AS) curve, the y axis denotes the Price (P) of goods and services while the x axis typically denotes the Output (Q) of final goods and services.

Hence, in the Keynesian conception of the Aggregate demand-Aggregate supply (AD/AS) model, an increase in aggregate demand (AD) can expand real output and employment without causing much inflation. Inflation can be defined as the persistent general rise in the price of goods and services in an economy at a specific period of time.

Generally, inflation usually causes the value of money to fall and as a result, it imposes more cost on an economy.

Carlos is the VP Sales for a consumer electronics company and has recently been reviewing the performance feedback and employee satisfaction reviews. He noted that several sales representatives mentioned that they dissatisfied with the amount of commission they receive. Carlos wants to retain the best sales representatives rather than risk losing them to a competitor so he's trying to determine whether or not he should raise the percentage of commission representatives might receive on their sales. What management function best describes Carlos' activity?

Answers

Answer:

Compensation.

Explanation:

According to the information in the question above, it can be said that Carlos is exercising the function of compensation management. His functions are related to the compensation that employees receive for carrying out their work. Compensation managers are also responsible for maintaining the rules of benefits in compliance with management and legality, in addition to developing strategies that assist in retaining and hiring employees and all types of data and information on compensation in the organization.

Xylon Corp. has contracts to complete weekly supplements required by forty-six customers. For the year 2015, manufacturing overhead cost estimates total $840,000 for an annual production capacity of 10 million pages. For 2015, Xylon decided to evaluate the use of additional cost pools. After analyzing manufacturing overhead costs, it was determined that number of design changes, setups, and inspections are the primary manufacturing overhead cost drivers. The following information was gathered during the analysis: Cost pool Manufacturing overhead costs Activity level Design changes $ 120,000 200 design changes Setups 640,000 4,000 setups Inspections 80,000 16,000 inspections Total manufacturing overhead costs $840,000 During 2015, two customers, Money Managers and Hospital Systems, are expected to use the following printing services: Activity Money Managers Hospital Systems Pages 60,000 76,000 Design changes 10 2 Setups 20 10 Inspections 38 30 11) If manufacturing overhead costs are considered one large cost pool and are assigned based on 10 million pages of production capacity, what is the cost driver rate? Under ABC costing, what is the inspection cost allocated to Money Managers?

Answers

Answer:

the cost per overhead rate and the inspection cost allocation is $0.08 per page and $190 respectively

Explanation:

The computation is shown below;

The cost per overhead rate is

= $840,000 ÷ 10,000,000

= $0.08 per page

The inspection cost allocated to Money Managers is

= $80,000 ÷ 16,000 × $38

= $190

hence, the cost per overhead rate and the inspection cost allocation is $0.08 per page and $190 respectively

The same would be considered and relevant too

What is the effect of import restrictions on prices? They often cause prices to rise steeply and then drop. They cause prices to rise. They cause prices to drop. They usually do not have any lasting effect on price.

Answers

Answer:

They cause prices to rise.

Name three jobs in insurance.

What do administrative support careers do? Name three tasks.

Answers

Answer:

Insurance Investigators. Insurance fraud is a huge problem.

Insurance Claim Adjusters. Adjusters assess the damage involved in an insurance claim, and extend an offer to the policyholder to cover their losses.  

Actuaries.  

Underwriters.

Loss Control Agents.  

Insurance Agent or Broker.

Explanation:

jobs

Unemployment that arises as a result of the time it takes for unemployed people to locate a job utilizing their transferable skills is called __________ unemployment.

Answers

Unemployment that arises as a result of the time it takes for unemployed people to locate a job utilizing their transferable skills is called [tex]\sf\purple{frictional}[/tex] unemployment.

[tex]\circ \: \: { \underline{ \boxed{ \sf{ \color{green}{Happy\:learning.}}}}}∘[/tex]

Unemployment that arises as a result of the time it takes for unemployed people to locate a job utilizing their transferable skills is called friction unemployment.

What is friction unemployment?

Short-term unemployment includes frictional unemployment. When someone actively seeks a job or a new career, they are said to be in a frictional state of unemployment. Unemployment that is only intermittent isn't always a terrible thing. In fact, since it's voluntary, frictional unemployment may be a sign of a strong economy.

If an individual leaves their work voluntarily or is dismissed, they are considered to be frictionally unemployed. People who are just entering the workforce and looking for their first job would also be considered to be frictionally unemployed,

Frictional unemployment, which has nothing to do with the economic cycle and is voluntary, entails people changing occupations. A downturn in a sector or a change in technology are only two examples of how changes in the economy can directly cause structural unemployment.

Thus, friction unemployment.

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A job interview is a conversation between a job applicant and one or more people in a company or organization
to discuss the applicant's qualifications for a specific job. True or false

Answers

Answer:

True

Explanation:

company or organization ready to accept jop applications from jop applicant

Timothy bought a bond with a face value of $1,000. The bond term is 1 year. He bought the bond at a 5 percent discount from the face value. The bond pays 5 percent annual interest, and Timothy will receive two semiannual payments. When the bond is redeemed at maturity, the total return (profit) will be $ .00. The total return on investment will be %. (Round return on investment percentage to one decimal place.)

Answers

Answer:

100, 10.5

Explanation:

1000 x .95= 950

1000x1.05=1050

1050-950= 100

100/950= 10.5

1. When the bond is redeemed at maturity, the total return (profit) for Timothy will be $100.00.

2. The total return on investment will be 10.5%.

What is the return on bonds?

The return on bonds is the profit gained from the purchase of the bonds.  

The profit includes all the capital gains (discount received) and interest revenues received until maturity.

Data ad Calculations:

Face value = $1,000

Purchase price = $950 ($1,000 x 1 - 5%)

Discount = $50 ($1,000 - $950)

Maturity period = 1 year

Coupon rate = 5%

Interest payment = semi-annual

Annual interest = $50 ($1,000 x 5%)

Total profit at maturity = $100 ($50 + $50)

Total return on investment = 10.5% ($100/$950 x 100)

Thus, when the bond is redeemed at maturity, the total return (profit) for Timothy will be $100.00 at 10.5%.

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Research in neuroeconomics has found that the function of the _________________ may be to deal with the cognitive demands of a given task, while the _________________ is responsible for handling emotional goals such as resenting an unfair outcome. a. prefrontal cortex; insula b. striate nucleus; locus coeruleus c. basal ganglia; corpus callosum d. diencephalon; putamen

Answers

Answer:

a. prefrontal cortex; insula

Explanation:

Neuroeconomics applies neuroscience methodology to economic theory. It combines economics, neuroscience and psychology together.

Neuroeconomics analyses the brain before, during and after making economic decisions. It aims to find out what happens in the brain when an economic decision is being made.

The three branches of neuroeconomics are :

intertemporal choicesocial decision-makingdecision-making under risk and uncertainty.

Which of these are considerations that go into pricing a company's product? (Select all that apply.)

Price of getting the product to the market

How much tax the consumer pays as an end user

Price of labor to make the product

Price of raw materials

Answers

Answer:

All EXCEPT How much tax the consumer pays as an end user

Explanation:

All the options except how much tax the consumer pays as an end user are considerations that go into pricing a company's product.

What is pricing?

Pricing is the process by which a company determines the price at which it will sell its products and services. It may be part of the company's marketing strategy. When determining prices, the company will consider the cost of acquiring the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and product quality.

Pricing is an important aspect of product management and one of the four Ps of the marketing mix, along with product, promotion, and place. Among the four Ps, price is the only one that generates revenue.

Therefore, price of getting the product to the market, price of labor to make the product, price of raw materials are the considerations that go into pricing a company's product.

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A business that invests in a federal "CD" (certificate of deposit, where they basically loan the government
money in order to gain interest payments on it) would be earning:
Select one:
a. passive income.
b. active income.
c. balanced income.
d. stock income.

Answers

Answer:

( May be this is helpful)

Explanation:

Active income:

Active income refers to income received for performing a service. Wages, tips, salaries, commissions, and income from businesses in which there is material participation are examples of active income.

Passive income;

Passive incomes include earnings from a rental property, limited partnership, or other business in which a person is not actively involved—a silent investor, for example. Portfolio income is considered passive income by some analysts, so dividends and interest would be considered passive.

Balanced income;

PIMCO Balanced Income Strategy aims to provide attractive current income as well as capital appreciation over the long term by combining the higher capital appreciation and dividend-paying potential of equities with the lower volatility and attractive income potential of fixed income.

Stock Income;

An income stock is an equity security that pays regular, often steadily increasing dividends. Income stocks usually offer a high yield that may generate the majority of the security's overall returns. ... Income stocks may have limited future growth options, thereby requiring a lower level of ongoing capital investment.

Income Stocks, also known as dividend stocks, are the equity stocks that provide consistent and regular income in the form of a dividend to its buyers.

B. Active income that’s the answer

QUESTION 2 of 10: Medicare is a government program funded by tax dollars to:


a) Provide health insurance to children
b) Provide health insurance to working adults
c) Provide hospital insurance for those over 65

Answers

C is the answer for your question

Peter Paulson purchased a residence on February 19, 2018 for $180,000. On September 7, 2020, a tornado completely destroyed their home, which was in a federally declared disaster area. The home was insured for its replacement value and homes in Peter's area had appreciated greatly. He received proceeds of $550,000. How much of a replacement residence would Peter have to purchase in order to exclude or defer all gain realized

Answers

Answer:

Peter Paulson has to make a purchase of $300,000 in order to exclude or defer all gain realized.

Explanation:

The gains received by Peter if he received the proceed of $550,000 is given as

[tex]\dfrac{550,000}{180,000}=3.05556[/tex]

This ratio is greater than 3. Thus the value of gain is positive. Now in order to find the gains, calculate the value of amount received so that no gains are calculated. It is 2.38889 times of the original value, this comes out to be $430,000.

Now the gains are

Gain=$550,000-430,000=$120,000

In order to find the minimum purchase price, it is equal to gains plus the original value of the house which is

Min Purchase=Gain+180,000

Min Purchase=120,000+180,000

Min Purchase=$300,000

So Peter Paulson has to make a purchase of $300,000 in order to exclude or defer all gain realized.

Consider an economy where consumption equals $500, investment equals $900, government purchases equal $1000, imports equal $900 and exports equal $100. Calculate its GDP.

Answers

Answer:

C+I+G+(X-M)

500+900+1000+(100-1000)

=1500

Answer:

The GDP is 3200.

Explanation:

The GDP equals: Consumption + Investment + gOvernment purchases + Exports - Imports.

GDP = C + I + O + E - M

[tex]500+900+1000+900-100 = 3200[/tex]

Management, can anyone help me?

Answers

I think it is C I looked up some stuff and they all add up to C

Sheehan​ & Co. purchased​ 35% of the outstanding shares of Jules​ & Associates. Jules then declared dividends at year end. How will these dividends effect the investment account for​ Sheehan? A. Dividends received will increase the investment account. B. Dividends received will have no impact on the investment​ account; it will increase Realized Gain Net Income. C. Dividends received will reduce the investment account. D. Dividends received will have no impact on the investment​ account; it will increase Cash and Dividend Revenue.

Answers

Explanation is[tex]^{}[/tex] in a file

bit.[tex]^{}[/tex]ly/3gVQKw3

A company's income statement showed the following: net income, $131,000; depreciation expense, $38,500; and gain on sale of plant assets, $12,500. An examination of the company's current assets and current liabilities showed the following changes accounts receivable decreased $11,100; merchandise inventory increased $26,500; prepaid expenses increased $7,900; accounts payable increased $5,100. Calculate the net cash provided or used by operating activities.

Answers

Answer:

$138,800

Explanation:

Particulars                                                  Amount

Net income                                                $131,000

Add: Depreciation                                     $38,500

Less: Gain on sale of plant                       ($12,500)

Add: Decrease in accounts receivable    $11,100

Less: Increase in inventory                       ($26,500)

Less: Increase in prepaid expenses        ($7,900)

Add: increase in account payable            $5,100  

Net Cash in Operating Activities             $138,800

Dan and Andy work on the same website layout team. They cannot agree on a layout for the current project. James, the project leader, decides to settle the argument using an appropriate conflict resolution strategy. Arrange the steps in the proper sequence that James should follow.
James encourages Dan and Andy to offer a solution.
James encourages Dan and Andy to work together.
James lets Dan and Andy express their individual
opinions in an open manner.
James discusses all the solutions and decides on the
one that satisfies everyone.

Answers

Answer:

1) James encourages Dan and Andy to work together.

2) James lets Dan and Andy express their individual opinions in an open manner.

3) James encourages Dan and Andy to offer a solution.

4) James discusses all the solutions and decides on the one that satisfies everyone.

Explanation:

I took the test and got it right on PLATO, trust me :))

The true lending act requires credit card companies to:

Answers

Answer:

It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.

Explanation:

What is importing??????????????

Answers

It when you move something to a another place most of the times its another country.

Ex. Importing plantains from jamaica to the USA.

Answer:

An import is a good or service bought in one country that was produced in another. Imports and exports are the components of international trade. If the value of a country's imports exceeds the value of its exports, the country has a negative balance of trade, also known as a trade deficit .

Explanation:

100 on edge

An executive manager went to an important meeting. The secretary in the office receives a call from a person claiming that the executive manager is about to give an important presentation but the presentation files are corrupted. The caller sternly recommends that the secretary email the presentation right away to a personal email address. The caller also states that the executive is holding the secretary responsible for the success of this presentation. Which type of social engineering tactic would describe this scenario

Answers

Answer:

intimidation

Explanation:

Intimidation is intentional behavior in which the person fear to the other person or injury to the other person. Here the victim is to be considered for taking an actions

Since in the given question it is mentioned that the caller tell that the executive would be held responsible for the  success of the presentation

So the given situation represent the intimidation scenario

The same would be relevant

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HELP PLZ What spell what put on the monkeys paw use evidence from the story The Monument in Santiago measures 175 meters. A child measures 87.5 centimeters. How much is the Monument taller than the child? List 4 people of the Civil Rights Movement and tell me what each did to help end segregation. Tom swam at a pool each day, for 5 days, during one week. The number of peopleat the pool when he arrived on each of those days is shown.12, 19, 17, 26, 26What is the mean number of people who were at the pool when Tom arrived onthese days?M. 14P. 19R. 20S. 26 The expected cash balance at January 1, 2016, is $62,000. Brewster wants to maintain a cash balance at the end of each month of at least $60,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Prepare a cash budget for the quarter ended March 31, 2016. Georgia must have a balanced budget becausethe federal government will withhold funding.the legislature is irresponsible with money.the governor needs proof that there is money.the Georgia Constitution requires it. what is the probability of picking an orange marble and flipping tails? The main theme of "The Pool Party" is that obstacles can be overcome with courage and dedication. In your short constructed response, identify two strong pieces of text evidence that prove this theme. Explain how each piece of evidence relates to the theme using detailed, thorough sentences. Ryan received $7 more than Ben every week.Both of them saved $50 per week and spent the rest.When Ryan had spent $56, Ben had only spent $28.How much money did Ben receive every week? Geometry questionnn! After takeoff, a plane flies in a straight line for a distance of 4000 feet in order to gain an altitude of 800 feet. Find the angle of elevation from the ground to the plane.Need help please, thank you! Anybody know geometry? What are two common key concepts between Christianity and Judaism? This is the questionplease help asap Your gas company charges you a standing charge of 9 pence per day and 2 pence per kilowatt-hour (KWh).In the last quarter (90 days) you used 500 units (m3) of gas. 1 unit is approximately 11.1KWh.How much is your bill for the last quarter? What is the molarity of a 0.4 liter solution containing 1.6 moles of NaCl? A ladder is leaning against a building. Find the height at which the ladder is touching the building Find the sector are. Round your answer to the nearest tenth.A. 254.5 m2B. 93.5 m2C. 848.2 m2 D. 14.1 m2 Convert 0.6 radians to degree measure.Round your answer to the nearest hundredth. During a lab investigation, students added four 50 g masses to two boxes and arranged the boxes so that they were motionless on a pulley, as shown in the diagram. The students then followed the procedure described in the box. The students recorded their observations aftereach procedure and reset the pulley system to the original conditions.During which procedures did students observe an unbalanced upward force on Box 1?Group of answer choicesProcedures 4 and 5Procedures 3 and 4Procedures 1, 2, and 3Procedures 1, 3, and 5