A mutual fund is generally more tax efficient when it has a ________ turnover rate and a ________ dividend yield
A) low; low
B) low; high
C) high; low
D) high; high
Answer: A
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An insolvent person is legally bankrupt
Indicate whether the statement is true or false
Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include:
A. A debit to Cash of $42,000. B. A credit to Accumulated Depreciation of $40,000. C. A credit to Gain on Sale of $2,000. D. A debit to Accumulated Depreciation of $47,000. E. A credit to Machinery of $47,000.
Puloso Company, a calendar year taxpayer, incurred the following start-up expenditures before the opening of its new health and fitness center. Rent on commercial space?$ 6,000??Utilities?1,490??Staff hiring and training?5,270??Television advertising? 1,600????$ 14,360???The Puloso Center opened its doors for business on March 21 of the current year. How much of the start-up expenditures can Puloso deduct this year?
A. $14,360 B. -0- C. $5,000 D. $5,520
Noah works as a salesman for a company that manufactures machines that make socks. As a salesman, he often has complaints about the seams of the socks being too thick. One day while looking at the machine, he realizes that if they attach a simple paper-clip shaped wire to the finishing part of the machine, it will eliminate the thick seam. Noah creates the wire and sells it the company. What type of protection should Noah register for?
a. Noah is not eligible for patent protection because he is a salesman. b. Plant patent. c. Design patent. d. Utility patent.