The amount she had previously identified as bad debt

Assignment Help Financial Accounting

Reference no: EM131256205

Last year, Jane identified $51,000 as a nonbusiness bad debt. In that tax year before considering the tax implications of the nonbusiness bad debt, Jane had $102,000 of taxable income, of which $5,100 consisted of short-term capital gains. This year Jane collected $10,200 of the amount she had previously identified as a bad debt.

Jane deducted an overall $3,000 net short-term capital loss in the past year.

Therefore, Jane would have to include $____________ in gross income in the current year.

Reference no: EM131256205

Questions Cloud

Analysis to explain your interpretation of your claim : Your paragraph must then offer EVIDENCE to back up your claim and ANALYSIS to explain your interpretation of your claim to your readers. Within your analysis, you MUST refer to a crisis expert (Coombs, Gaines-Ross, or someone else)

Problem regarding the never mind : Suppose you are a prospective contractor and you are negotiating with a federal contract officer for a high profile government contract deal. Assess the power of your position if you were to remove an offer that you currently have on the table. Ex..

What is the total manufacturing cost for one chainsaw : Sherman, Inc. manufactures chainsaws that sell for $250. Each chainsaw uses $12 in direct materials and $7 in direct labor per unit. Sherman has two activities: Machining, which is applied at the rate of $5 per machine hour, and Finishing, which is a..

How much farther will it sink into the water : A car ferry is essentially rectangular with dimensions 25 ft wide and 300 ft long. If 60 cars, with an average weight per car of 3000 lb, are loaded on the ferry, how much farther will it sink into the water?

The amount she had previously identified as bad debt : Last year, Jane identified $51,000 as a nonbusiness bad debt. In that tax year before considering the tax implications of the nonbusiness bad debt, Jane had $102,000 of taxable income, of which $5,100 consisted of short-term capital gains. This year ..

Pandora brand with a national nonprofit : Aligning the Pandora brand with a national nonprofit has many benefits. However, the CEO is still not convinced. Which of the following statements, if true, would support the argument made by the CEO tonottie sales of Pandora's breakfast oatmeal t..

Total fixed manufacturing overhead costs for this new level : An Internet gourmet foods company, “Yumminess”, will be including “Chocolate Attack Brownies” (CAB) in their online catalog. CAB will be sold in square tins and captioned with personal greetings. Jordan negotiated a selling price to Yumminess at $10 ..

Assignment-a new best practice : Write a one to two (1-2) page paper in which you describe a potential best practice for a company in Stage I, II, or III that is not discussed in the text. Please be as creative as you like. The format of the paper is to be as follows:

How would you measure the efficiency of this layout : What analytical techniques are available to help a company like Wheeled Coach deal with layout problems?- What suggestions would you make to Bob Collins about his layout?

User Account

All Pages