Alan, a U.S. citizen, works in Germany and earns $70,000, paying $20,000 in German taxes. His U.S. income is $40,000 and he pays $8,000 in U.S. taxes. His U.S. taxes on his worldwide income are $22,500. What is Alan's foreign tax credit? Assume he does not qualify for the foreign-earned income exclusion.
A) $12,000
B) $14,318
C) $20,000
D) none of the above
B) $14,318
Lower of foreign taxes paid ($20,000) or the limit [22,500 × (70,000/110,000) = 14,318]
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Monte Miller buys a television from Discount Electronics on credit. Discount gives a written assignment of the debt to Metro Finance Co, but neglects to mail notice of the assignment to Miller until a few months later. In the meantime, Metro assigns the debt to Live Finance Co, which immediately sends notice of it assignment to Miller. Discount refuses to cooperate with either Metro Finance or Live Finance in collecting the debt. Which of the following statements is TRUE?
A) The assignment to Live is unenforceable because it was fraudulent. A creditor cannot assign the same debt twice. B) The assignment to Live is unenforceable because it is not complete and unconditional. C) The assignment to Metro takes precedence over the one to Live because it was made first. D) The assignment to Live is enforceable as an equitable assignment. E) The assignment to Live takes precedence over the earlier one to Metro because Live gave notice to Miller first.
Tim is wary of large crowds and won't approach the soda machine if there are five or more people at the machine. What percentage of the time does Tim forego a soda due to the large crowd?
The soda machine outside the lecture hall sees a steady stream of customers throughout the day. While the machine takes 4 seconds to deliver a can of carbonated sugar water once the button is pressed, the student customers introduce variation into the delivery process by pondering their selection for a while. Thus, we can safely say that the service time is governed by a negative exponential probability distribution that averages 10 seconds. Over the course of a twelve hour lecture day, students arrive at the rate of 240 per hour, Poisson distributed of course. A) 30% B) 20% C) 13% D) 9%
All of the following are examples of social/mobile peer-to-peer payment systems except:
A) Venmo. B) Bill Me Later. C) Square Cash. D) Google Wallet.
In the United States there is a great difference between the highest and lowest paid individuals. Because of this difference, the United States is a(n)
A. culture with low power distance. B. individualist culture. C. culture with low uncertainty avoidance. D. culture with a long-term orientation. E. feminine culture.