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Question: Blake is considering renting out his home for one week (seven days) during the summer. He is unsure of the tax consequences. Which of the following statements is correct?
a. The rental income is includible in full in gross income.
b. The rental income is not includible in income.
c. The rental income is includible in income, but mortgage interest and property taxes allocable to the rental are deductible for AGI.
d. The rental income is not includible in income, but mortgage interest and property taxes allocable to the rental are not deductible.
In the month after the sale, 60% of credit sales are collected. What are the total cash sales for the January-March quarter
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In an article in the Wall Street Journal, Edward Lazear of Stanford University was quoted as saying: "There is some good news.... Most of the inequality reflects an increase in returns to ‘investing in skills.
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In what form can a depository institution hold reserves? Who determines the amount of funds available for reserves?
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Provide the general journal entry necessary to record the December 31, 2013, interest expense.
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