All categories

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.

To learn about movable property visit the link

brainly.com/question/1251466

#SPJ4

You might be interested in

When should you include your GPA on your résumé?

Pie

At the end of the resume

4 0

3 years ago

Read 2 more answers

A firm sells a product in a perfectly competitive market. The marginal cost of the product at the current output level of 500 un

amid [387]

Answer:

The correct answer is the third statement which says to maximize profits, the firm should produce less than 500 units.

Explanation:

The quantity of output produced is 500 units.

The marginal cost of producing 500 units is $1.50.

The minimum average variable cost is $1.

The price of the product is $1.25.

The firm will be at equilibrium when the price is equal to marginal cost. To maximize profits firm should decrease output to the extent that marginal cost comes to $1.25. At that point, the firm will earn profits as average variable cost is lower than the price.

3 0

3 years ago

Mundes Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in it

Marina86 [1]

Answer:

The cost of units transferred out during the month was:$ 99980

Explanation:

Mundes Corporation

Current Costs Added

Units Transferred Costs $ 90480

Materials =8700 * $ 4.7= $ 40890

Conversion= 8700* $5.70= $ 49590

Costs from Preceding Department (WIP beginning Inventory)= $ 9500

Total Costs= Costs Added + Costs from Preceding Department

= $ 90480+ $ 9500= $ 99980

The Costs of units transferred out is $ 99980

The current costs are added to the preceding costs to get the total costs of the units transferred out.

7 0

3 years ago

At the beginning of the current year, Sandy Brewer had a zero basis in her 38 shares of stock in Lindlee, an S corporation, a ze

Alona [7]

Answer:

As in her worthless note,Sandy has a zero adjusted basis. Her bad debt deduction is Nil according to Section 166 (b).

Section 166(g)(1) states that her capital loss realized on the deemed sale of this stoke is also nil because of zero adjusted basis in her worthless stock.

According to Reg. Sec.1.1366-2(a)(5) if all of her stock is disposed by an S corporation shareholder and loss carryforward attributable to the Section 1366 (d) basis. Limitaitons are permanently disaalowed.

Hence, her $7,400 ordinary loss carryforward can never be deducted by Sandy.

Sandy has no 2012 tax consequences from worthlessness of her Lindlee investments

7 0

3 years ago

Read 2 more answers

What is the critical issues confronting WCC North America and what changes, if any, should be initiated to address the critical

irakobra [83]

Answer and Explanation:

What is the critical issues confronting WCC North America?

WCC North America faces a supply chain management issue whereby there are lapses in integrating divisions within the organization resulting in complications with determining order status of customers.

What changes, if any, should be initiated to address the critical issues?

The text "Supply Chain Logistics Management, by Donald J. Bowersox, David J. Closs, M. Bixby Cooper, John C. Bowersox, 2013" mentions the need to address the critical issue of WCC North America by setting up a system that populates data of customer order status,recognizing them as high volume key accounts, in order to keep order response efficient and effective.

7 0

3 years ago