Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mr. simpson owns an unincorporated business. in re

Mr. Simpson owns an unincorporated business. In recognition of his wifes considerable contribution of her...

60.1K

Verified Solution

Question

Accounting

Mr. Simpson owns an unincorporated business. In recognition of his wifes considerable contribution of her time and skills to the business he gives her a one-half share of the business income. Which of the following statement is TRUE?

(a) Attribution will apply to reallocate her income to Mr. Simpson

(b) Attribution will NOT apply to reallocate her income to Mr. Simpson since she is actively involved in the business

(c) Attribution will NOT apply to reallocate her income to Mr. Simpson since there is no attribution of business income

(d) Both (b) and (c) are correct

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Write a 2,500 word paper explaining the role of the BASagent—what a tax or...

Accounting
Q

Indicate whether the following statements apply to B cells, T cells, both, or neither 1. Can...

Biology
Q

What is the basis for “pin” and “thrum” flowers in SI plants?  You may use a carefully...

Biology
Q

Below is a class called pointerDataClass that store data in a one-dimensional array using pointer. #include using namespace...

Programming
Q

Instead of following the incubation directions listed in your lab protocol, imagine that you set up...

Biology
Q

14 A sample gas expands from volume V to V Amount of work done by...

Physics
Q

The average number of accidents at controlled intersections per year is 4 3 Is this...

Statistics
Q

Based on predicted production of 25,900 units, a company budgets $300,000 of fixed...

Accounting
Q

1. Activities included (and not included) in the calculation of GDP The gross domestic product...

Accounting
Q

The following direct materials and direct labor data pertain to the operations of Laurel Company...

Accounting
Q

Bank reconciliation The following data were gathered to use in reconciling the bank account of...

Accounting
Q

6a) Explain the differences and similarities between floating-rate debt and floating-rate preferred stock. (7 marks)

Finance