Answer:
If Tom is single, he can claim THE $250,000 CAPITAL GAINS EXEMPTION.
Explanation:
Capital gain taxes are taxes on any profit you make from the sale of something, such as a house. These taxes apply unless you upgraded to a home with a more expensive purchase price.
With the passage of the taxpayer relief act, individuals can exclude up to $250,000 of capital gains from taxation and married couples can exclude up to $500,000.
To qualify for the home sale capital gains tax exemption, one must pass the use test (looking at whether one used/lived in one's home). One must have owned and lived in the residence for at least two out of the last five years before the sale.
Therefore, since Tom is single and has lived in his home for the past four years and wants to sell, he qualifies for the exemption and can claim THE $250,000 CAPITAL GAINS EXEMPTION.
Answer:
interchangeable parts and assembly lines
Explanation:
Answer: go to the national college this is what it is called NCCS
Explanation:
Answer: Assets increase $4,500 and liabilities increase $4,500.
Explanation:
An asset are the properties which a business or an organization owns. An asset possess an economic value.
Since the equipment purchased is an asset, this will lead to an increase of assets by $4500 and since it was bought on credit and hasn't been paid for, liabilities will also increase by $4500.
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Answer for your question!
Because one asset increases and another decreases by the same amount, the accounting equation remains unchanged and in balance, suggests Principles of Accounting. For example, if you collect $100 from an account receivable, cash increases by $100 and accounts receivable decreases by $100.
