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- 1.Three years ago, Morris loaned Alma $5,000 (Year 1) with the understanding that the loan would be repaid in two years. Last year (Year 3) Alma filed for bankruptcy, and Morris learned that he would receive $0.10 on the dollar. In the current year, Year 4, the final settlement was made, and Morris received $300. Assuming the loan is a nonbusiness bad debt, how should Morris account for the loan? a. $4,700 ordinary loss in the current year. b. $3,000 ordinary loss last year and $1,700 ordinary loss in the current year c. $4,700 short-term capital loss in the current year. d. $3,000 short-term capital loss last year and $1,700 short-term capital loss in the current year.Sally is in the business of purchasing accounts receivable. Last year, Sally purchased an account receivable with a face value of $80,000 for $60,000. During the current year, Sally settled the account, receiving $65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year. If an amount is zero, enter "0". Sally's basis in the account receivable is $fill in the blank 1 . Therefore, she has a bad debt deduction of $fill in the blank 2 and income of $fill in the blank 3 .Selly sold his car to Buyie for 120,000 payable in 12 equal installments of 10,000 each month. As a security Buyie executed a chattel mortgage on the car. What is the remedy if he defaulted to pay one installment?a. Exact fulfillmentb. Cancel the salec. Foreclose the chatteld. All of the abovee. None of the Above
- Mitt was injured by a bus called “Move Forward.” He won a lawsuit and will receive $10,000 per month, at the beginning of each month, for the next 10 years. How much must “Move Forward” deposit into an account earning 5%, compounded monthly, to satisfy this judgment?a. $946,742.b. $937,109.c. $942,814.d. $907,899.a.) How much did Dora borrowed today? b.) Dora failed to settle all monthly dues scheduled but Barney’s collection agency who represents Kenand Barbie waives penalties due to payment default and allowed her to settle all amount dues plusinterest on May 14, 2024. How much is the total amount due that she should settle with Barney? c.) Dora wishes to pay Ken and Barbie in one lump sum amount on August 14, 2023. How much in totalis she allowed pay on that day to discharge the entire loan?Higuel owes $650 in 3 years and $1500 in 8 years. However, Miguel is unable to meet his $650 obligation at the end of 3 years. By mutual agreement with the lender Miguel is allowed to pay off both obligations at the end of 6 years based on a simple interest rate of 17.25%. Determine the amount required to settle the dette at the end of 6 years. In text only please, previous one was wrong whoever done that skip please
- Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Problem 5-53 Part-d (Algo) d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10. Amount to be included in gross income - ________Please show working. This question is split. See attachment for full questions. Please answer a and b (if you can't answer b3, its fine.) Jan sold her house on December 31 and took a $40,000 mortgage as part of the payment. The 10-year mortgage has an 11% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the two payments she received during the year. a. What is the dollar amount of each payment Jan receives? Round your answer to the nearest cent. _________ b1 How much interest was included in the first payment? Round your answer to the nearest cent. ___________ b2 How much repayment of principal was included? Do not round intermediate calculations. Round your answer to the nearest cent. _________ b3 How do these values change for the second payment? -Select- the correct option. The portion of the payment that is applied to interest declines,…How is penalty pay worked up for problems like these? Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.)
- Dog Alexi files her tax return 56 days after the due date. Along with the return, she remits a check for $18,900, which is the balance of the tax she owes. The failure to file is not is attributable to fraud. Assume 30 days in a month. If required, round your answers to nearest whole value. Disregarding any interest liabilities, Alexi’s total penalties are as follows: Failure to pay penalty: $.Failure to file penalty: $.Mary received a Form 1099-C with $15,000 in box 2 from her credit card company. Her Insolvency Worksheet indicated that Mary was insolvent prior to the cancellation of debt by $8,000. To fill out the Basis (Cost) of Assets Worksheet, what information will she need? The cost basis immediately after the debt cancellation. The cost basis immediately before the debt cancellation. The fair market value (FMV) immediately after the debt cancellation. The fair market value (FMV) immediately before the debt cancellation. Mark for follow upOn March 31, year 1, Mary borrowed $300,000 to buy her principal residence. Mary paid 3 points to reduce her interest rate from 7 percent to 6 percent. The loan is for a 30-year period. What is Mary's year 1 deduction for her points paid? (Enter only numbers with no dollar signs or other punctuation.)