Businesses that operate in the home
A. can increase profits by decreasing costs.
B. require customer traffic.
C. are called family businesses.
D. are less common today than they were 10 years ago.
Answer: A
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The manager of ______________________________ handles employee complaints
Fill in the blank(s) with correct word
Long-term assets that are intangible have no physical substance
Indicate whether the statement is true or false
Inventory
a. is held against uncertain usage so that a supply of items is available if needed. b. constitutes a small part of the cost of doing business. c. is not something that can be managed effectively. d. All of the alternatives are correct.
Kay and Larry each contribute property to become equal partners in the KL General Partnership. Kay contributes office furniture with an adjusted basis of $40,000 and an FMV of $50,000, which she has depreciated using MACRS. Larry contributes land with a basis of $60,000 and an FMV of $50,000, which he had been holding as an investment. The partnership will use the land as a parking lot for their
business. a) What is the partnership's basis in each of the two pieces of property? b) If the land that Larry contributed is sold four years after the contribution for $45,000, what is the amount and character of the gain or loss which Larry should report?