Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2020. If an amount is zero, enter "0".

a. Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions were $25,100, which included $7,000 in state income tax and no other state or local taxes. In 2020, they received a $1,800 refund of the state income taxes that they paid in 2019. The standard deduction for married filing jointly in 2019 was $24,400.
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b. Veronica filed as a single taxpayer in 2019. Her AGI was $230,000, and itemized deductions were $42,000. Her local property taxes were $13,000 and her state income taxes were $17,000. In 2020, Veronica received a $2,100 refund of the state income taxes she paid in 2019. The standard deduction for single filers in 2019 was $12,200.
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Resources and capabilities, such as interpersonal relations among managers and a firm's culture, that may be costly to imitate because they are beyond the ability of firms to systematically manage and influence are referred to asanswers: socially complex.causally ambiguous.path dependent.the result of unique historical conditions.

Benton company (bc), a calendar year entity, has one owner, who is in the 37% federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). bc's gross income is $395,000, and its ordinary trade or business deductions are $245,000. ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. if required, round computations to the nearest dollar. a. bc is operated as a proprietorship, and the owner withdraws $100,000 for personal use. bc's taxable income for the current year is $ , and the tax liability associated with the income from the sole proprietorship is $ . b. bc is operated as a c corporation, pays out $100,000 as salary, and pays no dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . the shareholder's tax liability is $ . c. bc is operated as a c corporation and pays out no salary or dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . d. bc is operated as a c corporation, pays out $100,000 as salary, and pays out the remainder of its earnings as dividends. bc's taxable income for the current year is $ , and bc's tax liability is $ .

For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or both: 1. sec examiner 2. bookkeeping department 3. division controller 4. external auditor (public accounting firm) 5. loan officer at the company's bank 6. state tax agency auditor 7. board of directors 8. manager of the service department 9. wall street analyst 10. internal auditor 11. potential investors 12, current stockholders 13. reporter from the wall street journal 14. regional division managers