Q: Rochelle needed to borrow $3,000 for three months in order to pay for college expenses while waiting…
A:
Q: You are preparing Timmy’s 2020 tax return. How much will you include as can-cellation of debt…
A: Cancellation of debt: Cancellation of debt is defined as the situation in which the creditor…
Q: Chuck Ponzi has talked an elderly woman into loaning him $50,000 for a new business venture. She…
A: Using loan amortization table to find the cashflow and installment payment. Using excel pmt function…
Q: Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence,…
A: Ethical Issue in the situation:The ethical issue in the situation is whether organization RK’s…
Q: Ridge is a generous individual. During the year, she made interest-free loans to various family…
A: Imputed interest is the interest that is estimated to be collected by the lender, regardless of what…
Q: Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence,…
A: Mortgage payable is an obligation account whose balance is the unpaid and is recorded on the…
Q: To provide for a college education for her son, a woman opened an escrow account in which equal…
A: Given information, Term period for deposits ( 1998 - 2015) = 18 years College expenses ( per year)…
Q: Jane requested a loan from a bank amounting to P405,630 to contin her small business. But she only…
A: Interest is an additional amount charged on the amount. It can be income and expense. For the lender…
Q: Ms. Ganda bought residential house for P4
A: VAT VAT i.e. Value Added Tax is an indirect form of tax. It majorly eliminates cascading effect of…
Q: Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence,…
A:
Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $321,600. The…
A: Appraised Value : $321,600 Lender percentage = 0.75 Balance of first mortgage = $164,720. Now, the…
Q: The Lyns live in their own home at 40 Cavin Ave, on which they have a mortgage balance of…
A:
Q: Jonathan placed his new car in service on January 1 of the current year. He drove it 15,000 miles in…
A: As per Federal income tax if expense are incurred partly for business and partly for Personal…
Q: Unfortunately, Betty’s business was not profitable. She decided to sell the business and seek work…
A: Given, Advertisement expense = $22,000
Q: (The following information applies to the questions displayed below.] Lewis and Laurie are married…
A: Lewis and Laurie are married and jointly own home valued = at $265000 Recently paid off the mortgage…
Q: The Lyns live in their own home at 40 Cavin Ave, on which they have a mortgage balance of…
A: The Purchase price for the new house at $170,00,000. The valuation for the house is $160,00,000…
Q: ter Henri stopped making his mortgage payments, the lender foreclosed on his home and issued a Form…
A: When any borrower is unable to pay the debt on payment than lender will take possession of the…
Q: Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing…
A: People and organizations use home loans to purchase land without following through on the whole buy…
Q: been identified but the proceeds from the sale is not due to be paid to the Lyns until November 30,…
A: Long-term mortgage refers to the loan taken for a time leap of three years or more at the desired…
Q: Determining What Amount the Insurance Company will Pay for the Damages. Eric and Susan just…
A: The replacement method is a method in which the insurance company has to pay the current market…
Q: Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses…
A: Computation of net rental loss:
Q: Ed owns Oak Knoll Apartments. During the year, Fred, a tenant, moved to another state. Fred paid…
A: Taxable income: It is the part of the earned income on which tax is subject to be paid to government…
Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $321,800. The…
A: Appraised value = $ 321800 Existing mortgage = $ 154920 Loan to value ratio = 75%
Q: Lionel is an unmarried law student at State University Law School, a qualified educational…
A: Income earned through the year and then adjusted can be called as Adjusted Gross Income (AGI).
Q: Ella's main home was foreclosed in 2021. Ella received Forms 1099-C reporting the following amounts…
A: The Qualified Principal Residence exclusion enables a taxpayer to deduct up to $2,000,000 of the…
Q: John Meyers recently graduated from university and has managed to find a job. He is from an eco-…
A: According to the time value of money, a dollar now is worth more than the same dollar in the future.…
Q: Barbara was driving her vehicle, and her friend Kevin was a passenger. They were starting a one-week…
A: The explanation is given below
Q: On September 5, Wanda, a widow who occasionally teaches piano and organ in her home, purchased an…
A: Solution- (a) The first seller and the second buyer of the organ have perfected their contact.…
Q: Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $324,800. The…
A: Amount of credit available to Brady on home equity line of credit = Amount that bank willing to…
Q: The Lyns live in their own home at 40 Cavin Ave, on which they have a mortgage balance of…
A:
Q: Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which…
A: Maximum remaining contributions.
Q: paid $250 for meals, all of which were provided by the hotel’s restaurant. Bob also purchased a $6…
A: Schedule C Schedule C is the most popular tax form used by sole proprietors. The title "Profit or…
Q: REQUIRED: 1) How much is the DST from the mortgage?
A: DST on Mortgage: Section 195 of the Tax Code provides Stamp Tax on Mortgages, Pledges, and Deeds of…
Q: Can BAC enforce the note
A: Solution:- Angela Brock borrowed $544,000 from Amerifund Mortgage Services and signed a note to buy…
Q: To support herself while attending school, Daun Deloch sold stereo systems to other students. During…
A: The estimated warranty expense is recorded as warranty liability on the basis of past experience for…
Q: Katrina, a risk manager for State Farm Insurance, filed a petition in bankruptcy under Chapter 7,…
A: It is most common form of bankruptcy. In this form of bankruptcy court helps creditors to get their…
Q: Marvin had the following transactions: Salary $50,000 Compensation of body injury due to…
A: Adjusted gross total income is calculated by subtracting the deductions for AGI or specified to be…
Q: Last year, Thea and Rory Brown bought a home with a dwelling replacement value of $350,000 and…
A: A policyholder makes a formal request to an insurance company for coverage or compensation for a…
Q: Richie is an unmarried law student at State University Law School, a qualified educational…
A: If expenses are incurred for qualified education expenses for self, spouse or dependants, a…
Q: Bonnie's Family is a non-profit organization which assists families with low-income, special needs…
A: Mortgage is a liability which is to be repaid by the firm to the lender over the period of time. A…
Q: Velma, a 59-year-old minority woman who works as a teacher, contacts you about getting a loan to…
A: Adjustable-rate mortgage (ARM) is also known by the name variable rate mortgage. The initial…
Q: Eric and Susan just purchased their first home, which cost $146,000. They purchased a homeowner's…
A: given data the cost of home = $146,000 home insurance = $136,000 if anything happens the claim will…
Q: Determine how much gross income Lorissa has from the extinguishment of the debt.
A: Income: Income includes all the income that belong to the taxpayer, both taxable and non-taxable.…
Q: On July 15, Adler purchased in Chicago a Buick sedan, intending to drive it that day to St. Louis,…
A: Answer: Nature of Insurance Contracts: Offer and Acceptance.
Q: To improve her body shape Ms. Ganda decided to undergo procedure and sought the services of the Body…
A: VAT i.e. Value Added Tax is an indirect form of tax. It majorly eliminates cascading effect of tax…
Q: Peter Andrus owned an apartment building that he had insured under a fire insurance policy sold by…
A: A contract is an agreement between two or more parties. In case, a contract has all the elements of…
Q: The Lyns live in their own home at 40 Cavin Ave, on which they have a mortgage balance of…
A: Equity is defined as difference between assets and liabilities of the holding.
Q: Mulroy Inc. is a company that owns 5 car dealerships. On October 25, 2021 the owner, Jack Mulroy…
A: Performance obligation complete when control is transferred
Q: Rebecca entered into a written contract to sell certain real estate to Mary, a minor, for $80,000,…
A: Facts: mother entered into a contract with married woman to shop for assets for $80000 due and $4000…
Becky Smith signed a note in the amount of $200,000 in favor of County Home Laons., to obtain a loan to buy a house in Marrero, Louisiana. The note endorsed "Pay to the order of ____________ without recourse County Home Loans, Inc. "Almost five years later Smith defaulted on the payment. The Federal National Mortgage Association (Fannie mae) wanted to foreclose on the house and sell it to recover the balance due. Smith argued that the words "to the order of ____________" in the endorsement made the note an incomplete order instrument and the Fannie Mae could not enforce it. What is Fannie Mae's best response to this argument?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Angela Brock borrowed $544,000 and signed a note payable to Amerifund Mortgage Services, LLC, to buy a house in Silver Spring, Maryland. The note was endorsed in blank and transferred several times "without recourse" before Brock fell behind on the payments. On behalf of Deutsche Bank National Trust Co., BAC Home Loans Servicing LP initiated foreclosure. Brock filed an action in a Maryland state court to block it, arguing that BAC could not foreclose because Deutsche Bank, not BAC, owned the note. Can BAC enforce the note? Explain why or why not.Erin's bank foreclosed on her office building when she stopped making payments on her loan. The loan was secured by the building when she purchased it three years ago for $750,000. Erin's Form 1099-A is shown below. If the building is sold for the fair market value (FMV), how much of Erin's personal assets can the lender attempt to collect to satisfy the judgment? (Answer choices are below the image.) LENDER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. OAK RIDGE BANK 301 AUSTIN STREET YOUR CITY, YS XXXXX (XXX) 555-5678 LENDER'S TIN XX-XXXXXXX BORROWER'S name ERIN HERNANDEZ Street address (including apt. no.) 308 VIRGINIA AVENUE CORRECTED (if checked) BORROWER'S TIN XXX-XX-XXXX Account number (see instructions) XXXXXXXX Form 1099-A (Rev. 1-2022) City or town, state or province, country, and ZIP or foreign postal code YOUR CITY, YS XXXXX (keep for your records) $615.000 $595,000 $20,000 OSO (None of Erin's personal…Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise them on how Raffie’s Kids should report the mortgage on its balance sheet. What is the ethical issue? Provide and discuss the reason for your recommendation.
- Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise them on how Raffie’s Kids should report the mortgage on its balance sheet. 1. What is the ethical issue? 2. What is the reason for your recommendation?Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise them on how Raffie’s Kids should report the mortgage on its balance sheet.Peter Andrus owned an apartment building that he had insured under a fire insurance policy sold by J.C. Durick Insurance (Durick). Two months prior to the expiration of the policy, Durick notified Andrus that the building should be insured for $48,000 (or 80 percent of the building’s value), as required by the insurance company. Andrus replied that (1) he wanted insurance to match the amount of the outstanding mortgage on the building (i.e., $24,000) and (2) if Durick could not sell this insurance, he would go elsewhere. Durick sent a new insurance policy in the face amount of $48,000 with the notation that the policy was automatically accepted unless Andrus notified him to the contrary. Andrus did not reply. However, he did not pay the premiums on the policy. Durick sued Andrus to recover these premiums. Who wins?
- A major repair on the suspension system of Jane's 3-year old car will cost her $3,000 every 3 years henceforth (i.e., years 3, 6, and 9) because the warranty expired after 2 years of ownership. Also, she will spend $600 every 2 years (i.e., years 2, 4, 6, 8 and 10) for maintenance now that the warranty is over until she donates the car to charity in year 10. Use these costs to determine Jane's equivalent annual cost for years 1 through 10 at i = 8% per year. OS-1,004 per year -$1,184 per year OS-1,192 per year O S-1,111 per year O-$1,149 per yearA major repair on the suspension system of Jane's 3-year old car will cost her $3.000 every 3 years henceforth (i.e., years 3, 6, and 9) because the warranty expired after 2 years of ownership. Also, she will spend $600 every 2 years (i.e., years 2. 4, 6, 8 and 10) for maintenance now that the warranty is over until she donates the car to charity in year 10. Use these costs to determine Jane's equivalent annual cost for years 1 through 10 at i = 5% per year.Caleb's duplex sold at a foreclosure auction for $140,000. At the time of foreclosure, he had not made any payments to the bank for 11 months ($1,200 each). The outstanding balance of his mortgage was $197,000. What is the amount of the deficiency?
- Antonio's bank foreclosed on his retail building when he stopped making loan payments. The nonrecourse loan was secured by the building when he purchased it three years ago for $665,000. Antonio's Form 1099-A, Acquisition or Abandonment of Secured Property, indicated that the debt at the time of foreclosure was $625,000, and the fair market value (FMV) of the building was $680,000. If the building is sold for the FMV, how much of Antonio's personal assets can the bank attempt to collect to satisfy the judgment? (a) $0 (b) $20,000 (c) $40,000 (d) $60,000Antonio's bank foreclosed on his retail building when he stopped making loan payments. The nonrecourse loan was secured by the building when he purchased it three years ago for $665,000. Antonio's Form 1099-A, Acquisition or Abandonment of Secured Property, indicated that the debt at the time of foreclosure was $625,000, and the fair market value (FMV) of the building was $680,000. If the building is sold for the FMV, how much of Antonio's personal assets can the bank attempt to collect to satisfy the judgment?Bill Converse of Rexburg, Idaho, recently had his truck slide off a gravel road and strike a tree. Bill's vehicle suffered $18,000 in damage. The truck has a book value of $38,000. Bill carried collision insurance with a $400 deductible. How much will Bill be reimbursed by his policy? Round your answer to the nearest dollar. $