Answer:
A) On the 32,000 sale it will be considered a 18,000 gift to the buyer.
Because is above the 15,000 gift per person per year, it will trigger the gift tax.
B) 70,000 will generate a long-term capital gain of 20,000
C) gift of 5,000 it will not trigger the gift tax.
Explanation:
When the sale is below market value, it is treated as a gift to the buyer.
The capital gain or losses are considered using the adjusted basis.
Because Holly acquiredthe land for more than a year, it will be cosnidered a long-term capital gain if any.
B. to improve control of monetary policy and to increase the information available to investors
C. To ensure that financial intermediaries do not earn more than the normal rate of return and to improve control of monetary policy
Hope this helped ;)
Answer:
Hammer would prevail against Kay based on:_______.
A. Unilateral contract.
Explanation:
A unilateral contract is a contract created by an offer that can only be accepted by performance. To form the contract, the party making the offer (called the “offeror”) makes a promise in exchange for the act of performance by the other party.
in relation to the case in the contract, Hammer had carried out the duties expected of him thus making the contract valid under a unilateral contract.
since in a unilateral contract, the offer can only be accepted when the other party completely performs the requested action.
Hence Hammer would prevail against Kay based on Unilateral contract.
Answer:
can return the bracelet and get her money back
Explanation:
Minors have a restriction on the products that they can. To purchase these products they must have consent of their parent or guardian.
An identity card is required to determine the age of the buyer to avoid wrong sales to minors.
Items prohibited from sale to minors include: alcohol, tobacco, petrol, offensive weapons, intoxicating substances, and expensive jewelry.
So in this scenario since due diligence was not carried out by the store to check Heather's age on purchase, she can return the diamond bracelet and get back her money.
This was an illegal sale.
Answer:
Ending inventory : $868
Explanation:
FIFO (First-In-First-Out) is a method of inventory valuation where the inventory that is received first is sold first. In other words, the earliest inventory is used first. This is common for perishable inventory such as fruits and vegetables which if not used fast, will be wasted.
01/01/21 : Beginning Inventory : 200 units x $5 = $1000
01/15/21 : Purchases : 100 units x $5.3 = $530
01/28/21 : Purchases : 100 units x $5.5 = $550
Total units = 200 + 100 + 100 = 400 units
Units sold = Total inventory available for sale - ending inventory
= 400 - 160 = 240 units.
COGS:
Beginning Inventory : 200 units x $5 = $1000
Purchases : 40 units x $5.3 = $212
Cost of goods sold : $1000 + $212 = $1212
Ending inventory:
Purchases : (100 - 40) units x $5.3 = $318
Purchases : 100 units x $5.5 = $550
Ending inventory : $318 + $550 = $868