Dora Dolby was employed as an agent for Ace Used Car Company to purchase newer-model used cars. Her authority was limited by a $3,000 maximum price for any car. A wholesaler showed her a 1938 classic car that was selling for $5,000. The wholesaler knew that Ace only dealt in newer-model cars and that Dolby had never paid more than $3,000 for any car. Dolby bought the car for Ace, convinced that it was worth at least $7,000. When she reported this to Ted Williams, Ace’s owner, Williams was furious but nevertheless authorized processing of the automobile for resale. Williams also began pricing the car with antique car dealers who indicated that the current value of the car was $4,800. Williams called the wholesaler to state that Dolby had exceeded her authority, that he was returning the car, and that he was demanding repayment of the purchase price. What is the wholesaler’s best defense in the event of a lawsuit?

Lo.2, 3, 9 lori, who is single, purchased 5-years class property for $200,00 and 7-years class property for $420,000 on may 20, 2018. lori experts the taxable income derived form the business (without regard to the amount expensed under ⧠179) to be about $550,000. lori has determined that she should elect immediate ⧠179 expensing in the amount of $520,000, but she doesn’t know which asset she should completely expense under ⧠179. she does not claim any available additional first-year depreciation. a. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 5-year class asset. b. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 7-year class asset. c. what is your advice for lori? d. assume that lori is in the 24% marginal tax bracket and that she uses ⧠179 on the 7-year asset. determine the present value of the tax savings from the depreciation deductions for both assets. see appendix g for present value factors, and assume a 6% discount rate. e. assume the same facts as in part (d), except that lori decides not to use ⧠179 on either asset. determine the present value of the tax savings under this choice. in addition, determine which option lori should choose. f. present your solution to parts (d) and (e) of the problem in a spreadsheet using appropriate microsoft excel formulas. e-mail your spreadsheet to your instructor with a two-paragraph summary of your findings.

Which of the following is an example of search costs? a.) driving to a faraway place to find available goods b.) buying goods in some special way that is outside the normal channels c.) paying a premium cost for goods d.) selling extra goods for a discount price

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. question 1 options: true false