Anumber of years ago, lee acquired a 20% interest in the bluesky partnership for $60,000. the partnership was profitable through 2014, and lee's amount at risk in the partnership interest was $120,000 at the beginning of 2015. bluesky incurred a loss of $400,000 in 2015 and reported income of $200,000 in 2016. assuming that lee is not a material participant, how much of his loss from bluesky partnership is deductible in 2015 and 2016? consider the at-risk and passive loss rules, and assume lee owns no other passive investments.

if an amount is zero, enter "0".

lee's share of bluesky's loss in 2015 is $ . of this loss, $ can be deducted under the at-risk rules, and $ can be deducted under the passive loss rules. in 2016, he may deduct $ of his suspended loss against the passive income. this leaves a $ suspended loss at the end of 2016.

Match each of the terms below with an example that fits the term. a. fungibility the production of gasoline b. inelasticity the switch from coffee to tea c. non-excludability the provision of national defense d. substitution the demand for cigarettes

Amarket is said to be equilibrium when quantity demanded is equal to quantity supplied. critically analyse the above statement by giving different types of market

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.