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1 year ago

Shaquille buys new cars for five of his friends. each car cost $70,000. what is the amount of shaquille's taxable gifts?

1 answer:

7 0

Shaquille bought new cars for five of his friends. Every car cost $70,000. $280,000 is the sum of Shaquille's taxable gifts.

<h3>What gifts are not chargeable to tax?</h3>

It can contain Cash, movable property, immovable property, jewelry, etc. If such offerings are received from a close relative, it is not taxable. If obtained from others, the value is equal to less than Rs. 50,000 no tax is levied on the recipient.

5 × ($70,000 - $14,000) = $280,000

If you give any one individual gifts valued at more than $10,000 in a year, it is required to report the total grant to the Internal Revenue Service.

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mamaluj [8]

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3 years ago

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1 year ago

On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannua

RUDIKE [14]

Answer:

Dr Cash 2,702,942

Dr Discount on bonds payable 197,058

Cr Bonds payable 2,900,000

Explanation:

The bonds payable represents the face value of the bonds. On the other side, you have to register the cash that was received, and the difference is the discount on bonds payable. if the bonds are sold at a premium, then the amount of cash would be higher, and the difference between the cash and the bonds payable would equal premium on bonds.

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3 years ago

If aggregate demand shifts left, then in the short run a. the price level rises and real GDP falls. b. the price level falls and

UkoKoshka [18]

Answer:

the correct answer is

The price and the real GDP both fall

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3 years ago