Answer:
D) None of the above is true.
Explanation:
Mark cannot deduct the gift give to his brother. Gift deduction are only allowed to charitable contribution on qualified organization.
In fact, a gift to high could provoke Mark to be subject to gift taxes.
As this is a gift Rick will not report this as income.
Answer:
Option D is correct
Explanation:
The reason is that the company has its separate essence and legally recognised as a separate entity from its owners. Its just like you are legally recognized as separate person from your family and you are liable for the things you do, not your family. Their was a case in UK, a person registered a separate company and that company posseses a plane which the owner insured and used to pay its insurance contribution. Later, he legally transferred the ownership of the airplane to his name. Due to an accident, the claim for the repair and maintenance was sent to the insurance entity. Now the insurance company said why would I pay you the amount when the asset is not legally owned by the company. The owner filed the case and the court said that the insurance company is right because the claim is only valid till the ownership is not changed and this case the ownership has been changed because the company is a separate company.
Hello there,
An example of global dependency is when products are produced and used in the same country?
Answer: False
Answer:
d. Another CPA firm
Explanation:
A peer review of accounting and auditing practice is required one time every three years for each firms that are enrolled in the American Institute of CPAs (AICPA) Peer Review Program.
The peer review program is supervised by the AICPA but it is carried by an independent evaluator licensed to practice as a CPA, that is, another CPA firm, and approved to carry out the task by the AICPA. The independent evaluator is therefore called the peer reviewer.
Home loan amount = $165,000
Estimated closing costs = $6,187.50
% of estimated closing cost = ?
$165,000 * x% = $6,187.50
x% = $6,187.50 ÷ $165,000
x% = 0.0375
x = 0.0375 x 100 = 3.75
Therefore, estimated closing costs = 3.75% of loan amount = 3.75% of $165,000
Actual closing costs = 3.5% of loan amount = 3.5% of $165,000 = $5775
Difference in estimated and actual closing cost percent = 3.75% - 3.5% = 0.25%
The closing costs were lower than the estimate by 0.25%