What is home equity indebtedness and how does it differ from acquisition indebtedness? Are there any limits to the deductibility of home equity loan interest?
What will be an ideal response?
Home equity indebtedness is a loan that is secured by a qualified residence in an amount that does not exceed the fair market value (FMV) of the residence less the acquisition debt. Under the Tax Cuts and Jobs Act of 2017, beginning in 2018, interest on home equity loans is generally not deductible, unless it qualifies for one of several exceptions under the new tax law.
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Errors that pertain to anything in the research process except sample size are known as:
A) summarization errors B) non-sampling errors C) field errors D) generalization errors E) none of the above; all errors are derived from sample size
VALS groups of consumers who are motivated by ________ are those who desire social or physical activity, variety, and risk.
A. success B. self-expression C. rewards D. ideals E. achievement
Theoretically, the amount of estimated future returns and allowances on credit sales should be recorded during the period of the sale so as not to overstate sales and ending accounts receivable. In practice, these estimates are not recorded by most companies because
A. the amount of such returns and allowances tends to fluctuate too greatly from period to period. B. there is too much uncertainty surrounding such estimates. C. such estimates are not allowed according to generally accepted accounting principles. D. the amount of such returns and allowances is usually not material.
Which of the following statements regarding budgets is true?
A) They rarely use estimates. B) They should not be used for performance evaluations. C) They should focus on past performance. D) They will likely require the input of more than one manager.