In October 2014,Jonathon Remodeling Co

question 47

Multiple Choice

In October 2014,Jonathon Remodeling Co.,an accrual-method taxpayer,remodels and renovates an office building for Dale and bills him $30,000.Dale signs a note for the debt.Dale keeps delaying payment and files bankruptcy in 2015.Creditors are informed that no assets are available for payment. Jonathon Remodeling Co.will report

• A)$0 income in both years.
• B)$30,000 income in 2014 and a bad debt deduction of $30,000 in 2015.
• C)$30,000 income in 2014 and a STCL of $30,000 in 2015 limited to $3,000 after netting.
• D)$30,000 income in 2014 and then must amend last year's return to show $0 income when advised of the bankruptcy.

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Definitions:

Nomothetic Goals

Pertains to objectives that seek general laws and principles about behaviors or phenomena, aiming for universal insights.

Idiographic Goals

Goals that are unique to an individual's own interests, values, and aspirations.

Idiographic Goals

Unique, personal goals that are specific to an individual and differ from person to person.

Judgment Goals

The objectives or outcomes that individuals aim to achieve or satisfy through their evaluative processes.