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egoroff_w [7]
2 years ago
14

Barry, a solvent individual but a recovering alcoholic, embezzled $6,000 from his employer. In the same year that he embezzled t

he funds, his employer discovered the theft. His employer did not fire him and told him he did not have to repay the $6,000 if he would attend Alcoholics Anonymous. Barry met the conditions and his employer canceled the debt.
A. Barry did not realize any income because his employer made a gift to him.
B. Barry must include $6,000 in gross income from discharge of indebtedness.
C. Barry must include $6,000 in gross income under the tax benefit rule.
D. Barry may exclude the $6,000 from gross income because the debt never existed.
E. None of these.
Business
1 answer:
skad [1K]2 years ago
7 0

Answer: Barry must include $6,000 in gross income from discharge of indebtedness

Explanation:

Feom the question above, we are told that Barry embezzled $6,000 from his employer and that even though his employer discovered the theft, the employ did not fire him and told him that he did not have to repay the $6,000 if he attend Alcoholics Anonymous. Barry met the conditions and the employer canceled the debt.

In this case, Barry will have to include the $6,000 he stole in gross income from discharge of indebtedness. The gross income has to do with the sum of the wages, profits, salaries, rents, interest payments, and every other earnings, before the deductions of taxes or other deductions. Since Barry stole the money and.he.has been forgiven, the $6,000 has to be included in the gross income from discharge of indebtedness.

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Solnce55 [7]

Answer:

610000-b=a

Explanation:

April 1=610000

6 0
2 years ago
Daniel’s workplace does not have any structured hierarchy and all employees are treated equally, regardless of their designation
Alexxandr [17]

Answer:

Collectivism

Explanation:

The collectivism refers to the group who worked as a team and given the priority according to their roles, designations.

As we use the concept synergy that 1 + 1 give 11 i.e means due to efforts of group we can accomplish the company target as compare to the individual effort.

Since in the given question, the Daniel workplace does not have any  structured hierarchy and all employees are treated equally so in this case, the collectivism is low in this organization.

4 0
2 years ago
Margie received her store order on 12 3 16 at 4:00 a.M. She just opened one of the fountain bibs today 12 7 16 at 12:00 p.M. The
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Answer and Explanation:

The correct way for putting this on expiration paper is as follows

Expiration date: 1/17/2017

Exp time: 4:00 AM

Preparation date: 12/3/2016

Preparation time: 4:00 AM

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Therefore we applied the given information to arrive at an answer

6 0
3 years ago
When Samantha, manager at ABC International, seeks and receives information from both web and industry journals, she is acting a
Brilliant_brown [7]

Answer:

D.monitor.

Explanation:

Samantha was acting as a monitor, when she seek and receives information from both web and industry journal.

Manager has multiple role to perform in the corporates as they need to monitor the information, which goes around their department or unit. Managers play a vital role of receiving the informations about internal and external events before transmiting it to other. Therefore, they need to monitor all source of information from the industry.

One author of management have  categories  the manager role into three major role:

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Monitor fall into the sub category of informational role.

3 0
2 years ago
On January 1, 2017, MM Co. borrows $350,000 cash from a bank and in return signs an 4% installment note for five annual payments
frez [133]

Answer:

a. Journal entry to record the issue of notes

Date           Account Title & Explanation   Debit $        Credit $

Jan 1          Cash                                           350,000

                 Notes Payable                                                350,000

                  (To record the issue of notes payable)

b. Calculation of Interest Expenses

                      Particulars                           Amount $

Beginning balance of loan payment         350,000

Annual interest rate                                          4%

Interest expenses                                         14,000

Hence the interest expenses = $14,000

Principal amount is calculated as the difference between the annual payment and the interest expenses as seen below

                   Particulars                           Amount $

Annual payment                                      96,590

Less: Interest expenses                          14,000

Principal Payment                                  82,590

Hence, the principal payment =$82,590

6 0
2 years ago
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