In any economy in which economic decisions are guided by both prices and individual self-interest, there is the potential to achieve efficiency in the level of production.
What is an economy?An economy is a function of how the various means of production, money, and scarce resources are carefully allocated and used to facilitate the demand and supply of goods and services in a country, so as to efficiently and effectively meet the unending needs or requirements of consumers.
According to economists, there is the potential to achieve efficiency in the level of production in any economy in which economic decisions are guided by both prices and individual self-interest.
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What type of digital marketing is exemplified by a company creating interesting, eye-catching, and unusual content so that individuals will want to share this content with others
Social media marketing is exemplified by a company creating interesting, eye-catching, and unusual content so that individuals will want to share this content with others.
Social media marketing is the usage of social media systems and websites to sell services or products. Even though the phrases e-advertising and virtual advertising are still dominant in academia, social media advertising and marketing are turning into extra famous for both practitioners and researchers.
The 6 Types of Social Media
Social Networks.Bookmarking Sites. Examples: Social news. Media Sharing.Microblogging. Blog comments and forums. Social Review Sites. Community Blogs.Viral advertising is an SMM method that attempts to cause the rapid unfold of word-of-mouth product facts in a completely easy and inexpensive manner to promote income.
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What is the term for when a sponsor requests that the organization contribute financial support to a project
Cost Sharing is the term for when a sponsor requests that the organization contribute financial support to a project.
What is Cost Sharing?
Cost sharing or matching, as used in accounting, refers to the portion of a project or program's expenditures that are not covered by the funding source. It covers all contributions that a recipient contributes to an award, including monetary and non-monetary ones. Only eligible non-federal expenditures qualify for cost sharing if the award is federal, and they must adhere to other necessary and reasonable requirements to achieve the program's goals.
The total committed effort is calculated to incorporate cost sharing effort. The amount of time spent on a specific activity stated as a percentage of the person's overall activity for the institution is known as their effort. Cost sharing must be acceptable under cost principles and traceable by records in order to be subject to audit.
The benefits of cost sharing:
They give marketers the tools they need to deal with the increasing costs of direct marketing necessities like postage and paper, which are posing competitive problems. Because the expenditures are shared, they assist marketers in lowering direct mail expenses. The growth of technological technologies and alternate media outlets has increased their efficacy.
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Bob owns a small business with 12 employees. He is anticipating a large contract in the near future which he hopes will triple his profit and double the number of employees he will hire. Bob has always been a very likable man and a dependable, hard-working person. He is very worried about his ability to take on twice as many employees and continue on a successful path. Referring to the Competency Perspective of leadership. explain one (1) Bob's strongest leadership competency and 1 (one) Bob's weakest leadership competency.
Bob's strongest leadership competency is personality characteristics and weakest leadership competency is self-concept.
What do you understand by personality characteristic and self-concept?Personality characteristicThe term "personality characteristic" refers to a characteristic of an individual that regularly influences their tendency to think, feel, and act in certain ways. Personality characteristics are more often associated with recurring emotional and behavioral patterns than singular events. There are numerous ways that positive personality qualities show themselves. The related behaviors become indicative of a person's character when their regular behavior consistently demonstrates the same good traits. Examples of a positive personality traits are:
Honesty and accepting accountability for your actions are admirable traits.A person can get along with others more easily if they have qualities like adaptability and affability.Any obstacle can be overcome with enough drive, determination, and tenacity.Self-conceptSelf-concept is just a mental image of who you are as a person. It refers to one's own thought about ones perspective or the individual perceptions on his or her own conduct, abilities, and distinctive traits.
It is possible to say that certain ideas are a component of one's general self-concept, for instance, "I am a wonderful teacher" or "I am an intellectual person."
In the given question, Bob is concerned about his capacity to hire twice as many staff while maintaining his current level of success.
Thus, this reflects Bob's personality from the Self Concept standpoint.
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The safety margin is the difference between budgeted ______. Multiple choice question. sales revenue and break-even sales revenue sales and budgeted variable costs at the break-even point net income and break-even net income contribution margin and fixed costs at the break-even point
The safety margin is the difference between budgeted: A. sales revenue and break-even sales revenue.
What is a safety margin?A safety margin can be defined as a measure of the difference between an amount of money that is budgeted by a business firm as sales revenue and break-even sales revenue.
This ultimately implies that, the difference between budgeted sales revenue and break-even sales revenue is generally referred to as a safety margin and it is very important for a business.
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The various Survivor shows have been promoted through personal appearances by show participants, websites, and merchandise with the Survivor logo as well as print and broadcast advertising. To make sure that all of the promotional messages are coordinated, CBS (the network on which the show is broadcast) should use the:
To make sure that all of the promotional messages are coordinated, CBS (the network on which the show is broadcast) should use the: integrated marketing communications approach.
What is Integrated marketing communication?Integrated marketing communication can be defined as the process used to unify marketing communication elements, such as public relations, social media, audience analytics, business development principles, and advertising, into a brand identity that remains consistent across distinct media channels.
Integrated marketing communications is an approach to promoting a message through multiple strategies that work together and reinforce one another.
There are three elements in any integrated marketing communication strategy:
The consumer being targeted, the channels through which the message is communicated, and evaluation of the results of the communication. An idea of marketing communications development that distinguishes the added value of a widespread plan that assesses the strategic roles of a variability of communication disciplines.
Therefore, we can conclude that to make sure that all of the promotional messages are coordinated, CBS (the network on which the show is broadcast) should use the integrated marketing communications approach.
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what do customers want from organizations when meeting their needs or finding a satisfactory solution
Customers want organizations when meeting their needs or finding a satisfactory solution to be flexible and open for further suggestions.
Who are customers?Customers are individual who buys from an organization. They can be consumer or end users.
They want company or individual to be flexible when dealing with them in other to provide them with more satisfaction.
Therefore, Customers want organizations when meeting their needs or finding a satisfactory solution to be flexible and open for further suggestions.
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When meeting customers' needs or finding satisfactory solutions to their wants, the organization must be flexible.
What is flexibility in customer service?Flexibility in customer service shows the organization's ability to adjust to customer situations, recognizing that individual customers vary.
Each customer encounter needs to be attended to with flexibility, professionalism, and a patient learning attitude.
Thus, customers want organizations to be flexible when meeting their needs or finding a satisfactory solution.
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A country's export ratio is Group of answer choices The ratio of imports to GDP. The ratio of imports to exports. The ratio of trade to GDP. The ratio of exports to GDP.
A country's export ratio is the ratio of imports and exports.
What is the export ratio?Export ratio is the ratio of import to export. Export would comprise of goods and services produced in the US that are been sold to foreign countries. Import would comprise of foreign produced goods and services that are been sold in the US
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Gasoline and ethanol are substitute fuels. If the government increases taxes on gasoline, this will cause a(n) ________ in deadweight loss in the market for gasoline and a(n) ________. a. increase; decrease in demand for ethanol b. increase; decrease in the price of ethanol c. decrease; increase in the price of ethanol d. increase; increase in the price of ethanol
If the government increases taxes on gasoline, this will cause (A) an Increase in a deadweight loss in the market for gasoline and an increase in the price of ethanol.
What is deadweight loss?The difference in production and consumption of any given goods or service, including government tax, is referred to as deadweight loss. When the quantity generated relative to the amount eaten departs from the optimal concentration of surplus, the existence of deadweight loss is most commonly recognized. This disparity in amount represents the quantity that is not used or eaten, resulting in a loss. This "deadweight loss" is thus attributed to both producers and consumers because none benefits from the overall production excess.Reason -If the government increases taxes on ethanol and gasoline os the price of ethanol will increase as the taxes are higher and the deadweight loss will increase due to an increase in taxes.
Therefore, the correct option is (A) an increase in deadweight loss in the market for gasoline and an increase in the price of ethanol.
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Complete question:
Gasoline and ethanol are substitute fuels with downward sloping demand curves and upward sloping supply curves. If the government increases taxes on gasoline, this will cause a(n):
A. increase in deadweight loss in the market for gasoline and an increase in the price of ethanol.
B. a decrease in a deadweight loss in the market for gasoline and an increase in the price of ethanol.
C. increase in deadweight loss in the market for gasoline and a decrease in the price of ethanol.
D. increase in deadweight loss in the market for gasoline and a decrease in demand for ethanol.
E. decrease in a deadweight loss in the market for gasoline and an increase in demand for ethanol.
Dana is assigned to create a training program for newly hired mortgage loan officers. She has the ____ to complete this assignment.
Dana is assigned to create a training program for newly hired mortgage loan officers. She has the "responsibility" to complete this assignment.
What is mortgage loan?A mortgage loan is a secured loan that enables you to access money by giving the lender collateral in the form of an immovable asset, like a home or commercial property.
The main difference between the loan and mortgage loan is-
Any financial arrangement where one party receives a lump sum and agrees to repay the money is referred to as a "loan."A mortgage is a specific kind of loan used to fund real estate. Although a specific kind of loan, not all loans are mortgages. Loans that are "secured" are mortgages.To know more about the mortgage, here
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The GDPR created a ________ framework in order to enable U.S. businesses to legally use personal data from EU countries.
The GDPR created an E) Safe Harbor framework in order to enable U.S. businesses to legally use personal data from EU countries.
GDPR in the end places legal duties on a processor to hold facts of personal statistics and the way it's far processed, offering a miles better stage of prison liability must the agency be breached. Controllers also are pressured to make sure that every contract with processors is in compliance with GDPR.
the overall statistics protection regulation (GDPR) is designed to present individuals with greater control over their private statistics. Organizations eire have become concerned about the GDPR on the 25th may also 2018, changing the prevailing statistics safety framework below the EU information safety Directive.
Even as the GDPR is remitted by way of the European, it influences every u . s .. the ECU Parliament accredited the general information safety regulation in 2016 to replace a data safety initiative from 1995, however, adjustments weren't enforced till 2018.
The question is incomplete. Please read below to find the missing content.
The GDPR created a ________ framework in order to enable U.S. businesses to legally use personal data from EU countries.
A) COPPA
B) P3P
C) PGP
D) FIP
E) Safe Harbor
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Assume that Ms. Sawyer's salary is $70,000, up from $60,000 last year, while the CPI is 120 this year, up from 100 last year. This means that Ms. Sawyer's real income has ____________ since last year.
Assume that Ms. Sawyer's salary is $70,000, up from $60,000 last year, while the CPI is 120 this year, up from 100 last year. This means that Ms. Sawyer's real income has decreased since last year.
CPI is a statistical estimate generated from the price of a sample of representative items that are priced on a regular basis. Sub-indexes and sub-sub-indexes are calculated for different categories and subcategories of goods and services and are combined to create an overall index with weights that reflect the share of total consumer spending covered by the index.
This is one of several price indexes calculated by most National Statistics Bureaus. The annual rate of change in the CPI is used as an indicator of inflation. CPI can be used to index the actual value of wages, salaries and pensions (that is, to adjust for the effects of inflation).
Regulate the price. It then shrinks the monetary size to show the actual change in value. In most countries, the CPI, along with the census, is one of the most widely followed national economic statistics.
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$60 one year ago. The stock is now worth $70. During the year, the stock paid a dividend of $2.25. What is the total return to George from owning the stock? (Round your answer to the nearest whole percent.)?
$60 one year ago. The stock is now worth $70. During the year, the stock paid a dividend of $2.25. The total return to George from owning the stock would be 20% (after rounding off the answer to the nearest whole percent).
Total return on share is the summation of dividend and price appreciation. Since, the dividend = $2.25Then, to ascertain price appreciation we need to subtract the dividend from the total return on the share. Price appreciation = $70 - $60 = $10Total return can be calculated hence. Total return = $10 + $2.25 = $12.25Therefore, the total return for George was $12.25.To round off the answer to the nearest whole percentage:Total return percent = $12.25/$60 = 20% approximatelyTherefore, the total return to George from owning the stock would be 20%.
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Amanda, a single parent, is looking for a new job. Considering that she has two school-aged children, she is particularly keen on finding an employer who can provide her with alternative work arrangements such as flexible work hours and telecommuting. In terms of the decision-making process, these represent Amanda's ________.
These represent Amanda's decision criteria. Employees can make good decisions in the workplace with the use of a decision criteria.
What are decision criteria?A decision criterion can aid staff in making wise judgments at work. Principles, practices, regulations, norms, requirements, and guidelines are all examples of criteria that can be utilized to make decisions and carry out tasks. You may enhance your team's decision-making process by being aware of and managing the decision-making criteria utilized at your organization.
The concepts, values, guidelines, parameters, and conditions that a team or organization employs to decide amongst options are known as decision criteria. These factors help teams decide between many options for a course of action. They raise the standard, consistency, and fairness of the team's judgments. These guidelines aid in ensuring that the decision-making process has an easy-to-follow, understandable structure for all parties involved. They can also assist in the development of a decision matrix.
The criteria are used in a decision matrix to assess the viability of various choices. Think about any potential limits before you write a criterion. For instance, your criteria could be impacted by resources, legislation, regulations, and industry policies.
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Although Rhode Island used the most paper money to deal with its financial problems, __________ refused to accept this type of currency and had to pay steep fines for doing so.
Although Rhode Island used the most paper money to deal with its financial problems, merchants refused to accept this currency and had to pay steep fines for doing so.
What are merchants?Merchants are people and/or institutions aimed at commercializing goods or services.
Merchants need to have paper money of legal use to make transactions during commerce activities.
In conclusion, although Rhode Island used the most paper money to deal with its financial problems, merchants refused to accept this currency.
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Mary Lou writes a check for $50 to her grandson Justin as a birthday present. Instead of immediately cashing the check, Justin puts the check in a drawer and forgets about it. Eight months later, Justin discovers the check still sitting in his drawer and takes it to the bank. The bank takes the check and gives Justin $50. When Mary Lou gets her bank statement, she sees that $50 has been taken out of her account to cover the check. Mary Lou calls the bank to complain, stating that the check was so old it should not have been cashed and demanding that they debit her account $50. Because the bank has already paid the check:
Answer:
the bank was justified in debiting mary lou's account for the $50, because acheck is not stale unit it is more than one year old.
Explanation:
If a rise in incomes is the same proportion for both low-income and high-income workers, then poverty will rise and inequality will remain unchanged. then poverty will rise and inequality will rise. then poverty will fall and inequality will remain unchanged. then poverty will fall and inequality will fall.
Then poverty will fall and inequality will rise.
What is poverty?Being in a state of poverty means having few material possessions or little money. Numerous social, economic, and political factors can contribute to or be a result of poverty. There are two primary metrics of poverty used in statistics and economics: Relative poverty is the inability of a person to maintain a minimal standard of living in comparison to others in the same period and place. Absolute poverty is the comparison of income to the amount required to meet fundamental personal necessities, such as food, clothing, and shelter. Depending on the community or the country, many terms are used to define relative poverty.What is income inequality?The disparity in how income is allocated among people or populations is known as income inequality. It is also known as the wealth gap, wealth disparity, wealth and income discrepancies, or the gap between the rich and the poor.Therefore, the poverty will fall and inequality will rise.Know more about absolute poverty here:
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An example of a committed fixed cost at Bennett, Inc. is: Group of answer choices Property taxes on the factory building New product research and development A training program for salespersons Executive travel expenses
Property taxes on the factory building is an example of a committed fixed cost at Bennett, Inc.
What are committed fixed cost?The costs necessary to maintain current production capacity are referred to as committed fixed costs or capacity costs. These expenses result from top managers' long-term choices regarding the scope and makeup of their firm.
committed fixed costs are essential for the efficient functioning of a business, and their absence may disrupt such operations, which could have a real effect on the organization.
For businesses, property taxes are a fixed expense. The taxes normally don't vary and are only adjusted for improvements in the value of the related asset or facility. However, property taxes typically remain constant from year to year.
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If a firm has economies of scale, increasing the quantity produced will lead to: multiple choice 1 higher long run average costs. lower long run average costs. lower short run average costs. higher profits.
It results in lower short run average cost in economies of sale .
Economies of scaleEconomies of scale refers to the situation where, as the quantity of output goes up, the cost per unit goes down. This is the idea behind “warehouse stores” like Costco or Walmart. In everyday language: a larger factory can produce at a lower average cost than a smaller factory. Figure 2 illustrates the idea of economies of scale, showing the average cost of producing an alarm clock falling as the quantity of output rises. For a small-sized factory like S, with an output level of 1,000, the average cost of production is $12 per alarm clock. For a medium-sized factory like M, with an output level of 2,000, the average cost of production falls to $8 per alarm clock. For a large factory like L, with an output of 5,000, the average cost of production declines still further to $4 per alarm clock.
One prominent example of economies of scale occurs in the chemical industry. Chemical plants have a lot of pipes. The cost of the materials for producing a pipe is related to the circumference of the pipe and its length. However, the volume of chemicals that can flow through a pipe is determined by the cross-section area of the pipe.
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The cornerstone of the public workforce system is Blank______, which unifies different training, education, and employment programs into a customer-friendly system in each community.
The cornerstone of the public workforce system is One-Stop service delivery, which unifies different training, education, and employment programs into a customer-friendly system in each community.
A one-stop delivery system ensures that information about and access to career services are available regardless of where people initially enter the workforce. It does this by making employment and training programs, services, and activities available through a network of qualified One-Stop partners.
The Customer-Friendly System was born in the depths of a mammoth organization by the hand of a massive consulting firm, like so many of its like. Its goal was to automate the difficult procedures needed to originate, route, authorize, underwrite, and fund various types of commercial and residential mortgages.
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A(n) ________ is an agreement when one party has the right to withdraw from the promise made without incurring any legal liability. Group of answer choices void contract voidable contract implied-in-fact contract executed contract reciprocal contract
A voidable contract is an agreement when one party has the right to withdraw from the promise made without incurring any legal liability.
A formal agreement between two parties that is voidable can become unenforceable for a variety of legal reasons, such as: failure to reveal a crucial truth by one or both parties. a blunder, false statement, or fraud. excessive pressure or coercion.
Contrary to a void contract, a voidable contract is a legitimate agreement that may be accepted or rejected at the discretion of one of the parties. The contract only binds one party at most. The contract is revocable by the unbound party, at which point it is null and invalid.
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One of the main factors when determining which companies to buy policies from is whether or not the company is _____ strong.
One of the main factors when determining which companies to buy policies from is whether or not the company is Death benefit strong.
Fundamental business information includes things like profitability, revenue, assets, liabilities, and growth potential. You can compute a company's financial ratios using fundamental analysis to assess the viability of an investment.Three basic valuation techniques are employed by business professionals when determining a firm's value as a continuing concern:(1) DCF analysis,
(2) similar company analysis,
(3) precedent transactions.
What death benefit means?To start, let's define death benefit: It's the money – lump sum or otherwise – that gets paid to your beneficiaries if you die while your life insurance policy is in effect.
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Specialization in production Group of answer choices Makes a country weak. Reduces the standard of living. Increases output. Decreases total world output.
Specialization in production will increase output.
As any specialization in production will be achieved by specialized labor or technology, both the factor will produce per unit time and gives a comparative advantage.
Specialization is a production method that focuses on the production of a limited range of goods for a company to achieve a higher level of efficiency.
The more they focus on their work, the more efficient they are in that work. This means less time and money is spent producing goods. In other words, you can produce more goods in the same amount of time and money.
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A merchandiser: Multiple Choice Earns net income by buying and selling merchandise. Earns profit from fares only. Receives fees only in exchange for services. Buys products from consumers. Earns profit from commissions only.
A merchandiser earns net income by buying and selling merchandise.
Who is a merchandiser ?A merchandiser is a person who is in charge of a product from the moment it is delivered to the store up till the point that the good is delivered to a customer.
In other words, a merchandiser is a person who is charge of good once it is bought from the producer up to the point it is sold to the consumer.
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A lender advertises 80% LTV conventional loans. 80% is applied to: Select one: a. Appraised value b. Selling price c. The buyers income d. The purchase price or appraised value, whichever is lower
The purchase price or appraised value, whichever is lower, is the correct option when considering the loan-to-value ratio in mortgage lending
What does an 80% loan-to-value ratio mean?
The loan-to-value ratio means the percentage of the property worth that the borrower could receive as a loan from the financial institution, which means that the remaining percentage after deducting the loan-to-value ratio from 100% would be financed by the borrower, which serves as a way to avoid default.
Ordinarily, the loan-to-value ratio is applied to the lower of the selling price or the appraised value of the property, but note that a selling price to one party is the purchase price to another, hence, option d is correct
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\Select the three generic business strategies Porter identified for entering a new market. Multiple select question. Focused leadership Broad cost leadership Focused strategy Product differentiation Broad differentiation
broad differentiation, focused strategy, and broad cost leadership are the three Generic business strategies Porter identified for entering a new market.
What are Generic business strategies?A Generic business-level strategy is a broad approach to a company's positioning within a sector. Executives can concentrate on the essential components of business-level plans by focusing on generic strategies. The most widely used set of generic strategies is derived from the work of Harvard Business School Professor Michael Porter.
The foundation of any business-level strategy, in Porter's opinion, is two competitive dimensions. The first factor is the source of competitive advantage for a company. This factor examines whether a company seeks to outperform competitors by cutting costs or by providing a niche product.
The range of a company's operations is the second factor. This aspect pertains to whether a company tries to target clients generally or whether it only aims to draw in a certain customer demographic.
These choices lead to the following four general business-level strategies:
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The three generic business strategies are as follows broad differentiation, focused strategy, broad cost leadership.
There are three fundamental strategy alternatives open to firms for attaining a competitive edge, according Porter's Generic Strategies model. Cost leadership, differentiation, and focus are these. In 1980, Michael Porter created these, which a business may employ to acquire a competitive advantage.
The management, expansion, and profitability of your company will probably be aided by Porter's general competitive tactics, which will help you build a long-lasting competitive edge. Our business's purpose is defined and given a set of values by our strategy. It aids in our understanding of what success truly entails. It offers a route for our company, outlines our destination, and recommends helpful rest stops along the way.
Hence, the correct option is broad differentiation, focused strategy, broad cost leadership.
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A firm's total revenue can be determined by Group of answer choices None of the Answers are Correct. Fixed costs minus quantity. Total costs minus variable costs. Profits minus costs. Price times quantity.
A firm's total revenue can be determined by price and quantity. Hence, Option 5 is correct.
What is the total revenue?A profit or an income that is generated by a company after selling products or services is known as total revenue. It is also known as gross revenue. Let's understand total revenue with the help of an example:
No. of products sold = 25
The price of each item is $20.
Total revenue = price × quantity
= 20 × 25
= $500
The total revenue of the firm is $500.
Thus, Total revenue can be determined with option 5: price× quantity.
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The Wegmans grocery store chain operates 90 stores across six states in the Northeast U.S. and continues to grow. Like many grocery stores, it is trying to respond to changes in the external environment and now offers Instacart, a service allowing customers to shop online and receive delivery within an hour depending on their location. Wegmans believes the added convenience and time-saving aspects of grocery delivery will lead to greater customer satisfaction, increased revenues, and profitability. Wegmans is responding to the _______factor of the external environment.
Wegmans is responding to the consumer factor of the external environment.
An external environment is what?
Since institutions do not exist in a vacuum, every organization needs to comprehend some fundamental components of its external environment. They engage in inter-entity interactions and are affected by a variety of uncontrollable circumstances, events, and player choices. Whatever internal controls the company has in place, there are a number of external factors that also have an impact on performance, which in turn has an impact on profitability and growth.
What makes up the external environment?The outside environment that affects enterprises is made up of four primary elements. These are the primary outside variables that come into play when running a firm.
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Suppose at an output level of 150 units a firm's average fixed cost is $25 and average variable cost is $50. Then the average total cost of the firm is ______.\
The average total cost of the firm is $75.
What is the average total cost of the firm?The average total cost is the sum of the average fixed cost and the average variable cost.
The average total cost = average fixed cost + average variable cost
$25 + $50 = $75
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After conducting a market research study, Ed Manufacturing decided to produce a new interior door to complement its exterior door line. It is estimated that the new interior door can be sold at a target price of $120. The annual target sales volume for interior doors is 20,000. Ed has target operating income of 20% of sales. What is the target cost for each interior door
The target cost for each interior door is $96.
What is manufacturing?Manufacturing is the process of creating or producing items with the aid of resources such as machinery, manpower, tools, chemicals, or biological formulations. It is the core of the economy's secondary sector.What is operating cost?Operating costs, often known as operating costs, are the costs associated with running a company, or with running a machine, part, piece of equipment, or facility. They represent the cost of the resources an organization uses just to stay in business.Solution -Total revenue of the year (sales) = $120 × 20,000 = 24,00,000
Operating cost = 20% of sales = 4,80,000
Target cost of each door = 4,80,000 ÷ 20,000 = $24
120 - 24 = $96
Therefore, the target cost for each interior door is $96.
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Sue, a single taxpayer, purchased a principal residence in 2009 for $415,000. In 2012, she paid $18,000 to add a sunroom. This year, Sue sold the residence for $686,000. Her selling expenses were $5,000. How much gain must Sue recognize on the sale
Sue must recognize the gain of $0 on the sale. Let's see how.
Lets calculate the gain on the sale of the residence.
Gain = Selling Price+ selling expenditure- Cost basis
= 686000-5000- 433000
= $ 248,000
Cost Basis = Cost+ Improvements
= 415000+ 18000
=$ 433000
Lets discuss the gain to be recognized now.
According to the IRS publication 523, the gain from the sale of main home upto $250,000 are not included in income. Moreover, Sue has kept the house for more than 24 months. Here, the gain is $248,000 which is below the amount of $250,000.
Hence, the entire gain is excluded.
So, Sue has to recognize $0 on the sale.
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