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n200080 [17]
2 years ago
13

In 2018, Joshua gave $15,000 worth of XYZ stock to his son. In 2019, the XYZ shares are worth $25,000. If Joshua had not given h

is son the stock in 2018 and held onto it instead, how much more would his estate have been worth than if he had made the gift
Business
1 answer:
Nata [24]2 years ago
5 0

Joshua will not be responsible for paying any gift tax since the value of the share is precisely 15,000. In the year 2019, each share is worth a total of $25,000.00. Because there is no tax on gifts, the value of Joshua's inheritance would have been increased by $25,000 if he had not given the stock to his son in 2018, but instead kept it for himself. This is further explained below.

<h3>What is Internal Revenue Service?</h3>

Generally, The Internal Revenue Service is in charge of collecting taxes for the country and enforcing the Internal Revenue Code that Congress passed.

In conclusion, It has come to light that Joshua made a gift of XYZ shares worth $15,000 to his kid during the year 2018. This is regarded as a gift and hence may be subject to gift taxation. On the other hand, the Internal Revenue Service will not tax any gifts up to the value of $15,000 given in 2018.

Read more about Internal Revenue Service

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Answer:

Option "C" is the correct answer to the following question.

Explanation:

Cost of goods sold includes all types of expenses related to a product.  

Any type of expenses during the year can be adjusted in the cost of goods sold for that product.  underdeveloped or overdeveloped overhead can also be adjusted in the cost of goods sold for the particular year.

so the correct answer to the given statement is the Cost of Goods sold.

5 0
3 years ago
Suppose that when the average college student's income is $10,000 per year, the annual quantity demanded of Patty's Pizza is 50
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Answer:

Explanation:

Pizza quantity Change = 60-50 = 10

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7 0
3 years ago
Utility refers to a person's derived ________ from consuming a good.
WARRIOR [948]

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B

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3 0
3 years ago
Read 2 more answers
Budgeting for Needs
DanielleElmas [232]

Answer:

From the bank statement of $23000 the needs are:

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  • car insurance = $60
  • Electric bill = $60
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Explanation:

A need is something needed for an individual to live a fulfilling life without adverse effect. if a need is not fulfilled it can cause an adverse effect like sickness,death or it might cause a fine or penalty.

cell phone plan is an need because without a cell phone plan a cell phone user might be unable to communicate properly with his business associates and family who might not always be with him and he might be unable to pass along proper and timely information as well

Rent is necessary because housing is one of the most important needs of a man without rent plan there would be no proper housing

car insurance: insurance helps to reduce the burden of accidents on the car owner. if he fails to pay his insurance when due. if the car is caught up with eventualities of accident, the insurance company might not respond to him

Electric bill : this is a very important need as well in America. failure to pay the electric bill results to shortage of electricity and electricity is vital to everyday living.

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7 0
3 years ago
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V125BC [204]

Answer:

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(b) mineral preparation (eg, synthesize and form pellets),

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4 0
3 years ago
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