Under which Fed Chairman did the inflation rate decline the most?
A. William McChesney Martin
B. Arthur Burns
C. Paul Volcker
D. Alan Greenspan
Answer: C
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Mario is a real estate and financial consultant who owns and operates his own business as a sole proprietor. His adjusted gross income, excluding the items below, is $48,000. The following information relates to his current-year activities and income tax.
a. Land adjacent to his office was purchased in 2019 for an anticipated expansion. It cost $10,000 but is sold later in the year for $17,000. ? ? b. His office building is sold for $250,000 in anticipation of moving to a different location. The building was purchased in 1994 for $200,000, with 10% of the cost allocated to the land. Depreciation taken on the building was $100,000. ? ? c. Office furniture that cost $20,000 and was fully depreciated is sold for $6,000. ? ? d. A color copier purchased two years ago for $50,000 is traded for 200 shares of Microsoft stock that were worth $24,000 on the date of the exchange. The copier had a basis to Mario of $35,000 but is worth only $24,000 on the date of the exchange. ? ? e. Mario's automobile, which he used 100% for business and had cost him $18,000 in 2010, is sold for $8,000. Depreciation of $6,000 had been taken on the automobile. ? REQUIRED: Fill in the following table by listing the amount and proper treatment of the recognized gain or loss from each of the above transactions. Identify by letters a–e. Ordinary Sec. 1231 Capital Gain (Loss) Unrecaptured Income Gain (Loss) Short-term/Long term Sec. 1250 Gain a.b.c.d.e.What is Mario's net capital gain (loss) for the current year? ? What will be an ideal response?
An ad showing how much food a Dixie paper plate can handle and how much more food a Chinet paper plate can handle is an example of comparative advertising
Indicate whether the statement is true or false
Explain the use of purchase orders as a measure of internal control.
What will be an ideal response?
An example of a modified centralized/decentralized buying organization is when _____
a. local store managers can vary some of their orders b. buying and selling have separate organizations c. some orders are store-originated while others are conducted by external personnel d. some orders are placed by retailers while others are placed by a retailer-based association