Business, 07.10.2019 21:30 nicole5918

Fran, who is in the 35% tax bracket, recently collected $100,000 on a life insurance policy she carried on her father. she currently owes $120,000 on her personal residence and $120,000 on business property. national bank holds the mortgage on both pieces of property and has agreed to accept $100,000 in complete satisfaction of either mortgage. the interest rate on the mortgages is 8%, and both mortgages are payable over 10 years. what would be the tax consequences of each of the following alternatives assuming that fran currently deducts the mortgage interest on her tax return? a. retire the mortgage on the residence. b. retire the mortgage on the business property. which alternative should fran select?

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 20:30

According to the law of demand, there is an inverse relationship between price and quantity demanded. that is, the demand curve for goods and services slopes downward. why?

Answers: 3

Answer

Business, 21.06.2019 22:20

Amachine purchased three years ago for $720,000 has a current book value using straight-line depreciation of $400,000: its operating expenses are $60,000 per year. a replacement machine would cost $480,000, have a useful life of nine years, and would require $26,000 per year in operating expenses. it has an expected salvage value of $130,000 after nine years. the current disposal value of the old machine is $170,000: if it is kept 9 more years, its residual value would be $20,000. calculate the total costs in keeping the old machine and purchase a new machine. should the old machine be replaced?

Answers: 2

Answer

Business, 22.06.2019 08:40

Which of the following statements is true regarding the reporting of outside interests and the management of conflicts? investigators are responsible for developing their own management plans for significant financial interests. the institution must report identified financial conflicts of interest to the u.s. office of research integrity. investigators must disclose their significant financial interests related to their institutional responsibilities and not just those related to a particular project. investigators must disclose all of their financial interests regardless of whether they are related to a research project.

Answers: 3

Answer

Business, 22.06.2019 12:50

Salaries are $4,500 per week for five working days and are paid weekly at the end of the day fridays. the end of the month falls on a thursday. the accountant for dayton company made the appropriate accrual adjustment and posted it to the ledger. the balance of salaries payable, as shown on the adjusted trial balance, will be a (assume that there was no beginning balance in the salaries payable account.)

Answers: 1

Answer

You know the right answer?

Fran, who is in the 35% tax bracket, recently collected $100,000 on a life insurance policy she carr...

Questions

Business, 31.07.2020 21:01

Assume Strands, a local hair salon, provides cuts, perms, and hairstyling services. Annual fixed costs are $150,000, and variable costs are 40 percent...