Business, 25.02.2020 18:59 harringtonrob16

Three years ago, Myriah refinanced her home mortgage and was required to pay two points on the refinanced loan. The loan was secured by the property, and the charging of points was the established lending practice in the area. The term of the loan was 20 years. Myriah sold the house earlier this year and paid off the refinanced mortgage.

In this year of the home sale, is Myriah allowed any deduction with respect to the points paid on the refinanced mortgage?

a. Yes, she can deduct the full amount of the refinanced loan points in the year of sale because none of these points have been previously deducted.

b. No, the full amount of the refinanced loan points were already deducted in the year the home mortgage was refinanced.

c. No, points paid to refinance a home mortgage are never deductible.

d. Yes, she can deduct the unamortized balance of the refinanced loan points in the year of sale.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 00:40

The silverside company is considering investing in two alternative projects: project 1 project 2 investment $500,000 $240,000 useful life (years) 8 7 estimated annual net cash inflows for useful life $120,000 $40,000 residual value $32,000 $10,000 depreciation method straightminusline straightminusline required rate of return 11% 8% what is the accounting rate of return for project 2? (round any intermediary calculations to the nearest dollar, and round your final answer to the nearest hundredth of a percent, x.xx%.)

Answers: 3

Answer

Business, 22.06.2019 19:10

The stock of grommet corporation, a u.s. company, is publicly traded, with no single shareholder owning more than 5 percent of its outstanding stock. grommet owns 95 percent of the outstanding stock of staple inc., also a u.s. company. staple owns 100 percent of the outstanding stock of clip corporation, a canadian company. grommet and clip each own 50 percent of the outstanding stock of fastener inc., a u.s. company. grommet and staple each own 50 percent of the outstanding stock of binder corporation, a u.s. company. which of these corporations form an affiliated group eligible to file a consolidated tax return?

Answers: 3

Answer

Business, 22.06.2019 20:00

Question 6 of 102 pointswhich situation shows a constant rate of change? oa. the number of tickets sold compared with the number of minutesbefore a football gameob. the height of a bird over timeoc. the cost of a bunch of grapes compared with its weightod. the outside temperature compared with the time of day

Answers: 1

Answer

Business, 22.06.2019 21:00

Which of the following statements is correct? stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. potential conflicts between stockholders and bondholders are increased if a firm's bonds are convertible into its common stock. takeovers are most likely to be attempted if the target firm’s stock price is above its intrinsic value. one advantage of operating a business as a corporation is that stockholders can deduct their pro rata share of the taxes the firm pays, thereby eliminating the double taxation investors would face in a partnership.

Answers: 1

Answer

You know the right answer?

Three years ago, Myriah refinanced her home mortgage and was required to pay two points on the refin...

Questions