Lettuca Inc. generated a $77,050 ordinary loss from operations this year. It also recognized $5,920 recaptured ordinary income, $55,000 net Section 1231 loss, and $7,840 net capital loss on the sale of assets. Compute Lettuca's net operating loss.
A. ($126,130)
B. ($132,050)
C. ($77,050)
D. ($133,970)
Answer: A
You might also like to view...
Business has responded to increased awareness of nature's fragility and finiteness by producing wider varieties of camping, hiking, boating, and fishing gear such as boots, tents, backpacks, and accessories
Indicate whether the statement is true or false
On January 1, 1998, Erika Greene purchased a single premium annuity for $15,000 that will pay her $5,000 every year for life beginning on January 1, 2018. Based on actuarial tables published by the IRS, her life expectancy multiple is 10.a.What is the amount to be excluded in Erika's income for 2018?b.What is the amount to be excluded in Erika's income for the year 2028?
What will be an ideal response?
One hundred forty-three residents of the Barnegat Pines Development area in Lacey Township, Ocean County, New Jersey, brought suit against Exxon Corporation and Richard E. and Susan M. Ritchie, who did business operating a gasoline station known as
Lacey Exxon. The residents brought suit in nuisance, trespass, and under various environmental laws alleging that gasoline from Rule's service station, which had operated between 1959 and 1975 as a Texaco Station, had seeped into the groundwater and contaminated their wells. The residents had an expert witness, Albert D. Young, a consultant in petroleum distribution and a retired Exxon employee, who had 35 years of experience in overseeing, viewing, and evaluating the distribution, storage, and retail sale of gasoline. Young testified that the complaint of suspected gasoline contamination of wells in the present case was typical of the kind of situation he had frequently investigated. According to Young, the service station probably spilled gasoline "more frequently than not" between 1959 and 1975 and the spilled gasoline would have seeped to the groundwater. Young's opinion was based on his knowledge that such discharges were routine occurrences in probably all 200,000 service stations ever in existence. Also, after considering the results of soil gas studies showing the presence of petroleum vapors in the soil of the old tank field at the station, Young found it more probable than not that spills would have occurred during deliveries in the pre-1975 period because when tank sizes failed to keep pace with truck capacities, overfills were routine at all stations. Such spills could have gone undetected by the station owner. The jury returned a verdict of no liability in favor of both the Ritchies and Exxon. Was the jury's verdict correct? What case law could the appellate court apply in making its decision?
Which of the following is true as the correlation between mortgage defaults increases?
A. Equity tranches are almost certain to incur losses B. Senior tranches become more likely to incur losses C. The expected number of defaults increases D. Equity tranches are unaffected