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Salsk061 [2.6K]
2 years ago
11

Lloyd is chronically-ill and received tax-qualified long-term care insurance benefits in 2018 amounting to $8,000 to cover a 30-

day nursing home stay. What amount, if any, must he include in income if actual nursing home costs for the 30 days amounted to $7,500 and the applicable per dier limitation was $360?
A) $0
B) $500
C) $7,500
D) $8,000
Business
1 answer:
Pepsi [2]2 years ago
4 0

Answer:

A) $0

Explanation:

as per IRC section 101g, if the payment exceeds the greater of per actual cost then the excess payment amount will be taxable.

total tax free payment = 360*30

                                      = $10,800

Therefore, The taxable amount is $0

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Beck Manufacturing reports the information below for 2017. Raw Materials Inventory Begin. Inv. 10,000 Purchases 45,000 Avail. fo
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Answer:

transferred out (COGM) 131,000

Cost of goods sold:       129,000

Explanation:

DM used     46,500

Direct labor  27,500

Overhead  <u>  55,000  </u>

Total:           129,000 cost added for the period

Then, we calcualte the amount transferred-out:

Beginning WIP   14,000

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Ending WIP       (12,000)

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And finally, the cost of goods sold for the year:

Beginning FG    16,000

Trasferred out   131,000

Ending FG         (18,000)

COGS:              129,000

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2 years ago
Bond A pays $4,000 in 14 years. Bond B pays $4,000 in 28 years. (To keep things simple, assume these are zero-coupon bonds, whic
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Answer and Explanation:

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The value of a bond falls when the interest rate increases, and bonds with a longer time to maturity are more sensitive to changes in the interest rate.

8 0
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What concept involves breaking down the production of a product into a series of small, elementary tasks, each of which is perfo
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Answer:

work or job specialization

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Work specialization is based on the division of labor, i.e. dividing the work activities into smaller separate tasks. Each worker is responsible for performing only one or a few separate tasks and by doing so will specialize in its performance. As he workers specialize in performing certain tasks, overall efficiency and total output should increase.

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Answer:

False

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Three years ago, law school admits deciding whether or not to attend the schools they were admitted to typically underestimated
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