Business, 27.10.2020 22:20 Boondiddy9
Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding. He is married, claims four withholding allowances for both federal and state, and his weekly gross pay was $1,162.
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The following pertains to smoke, inc.’s investment in debt securities: on december 31, year 3, smoke reclassified a security acquired during the year for $70,000. it had a $50,000 fair value when it was reclassified from trading to available-for-sale. an available-for-sale security costing $75,000, written down to $30,000 in year 2 because of an other-than-temporary impairment of fair value, had a $60,000 fair value on december 31, year 3. what is the net effect of the above items on smoke’s net income for the year ended december 31, year 3?
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