Solution :
In the context, the relevant tax issues are :
1. The transfer to be subjected to tax deferred treatment under 351. It is a tax issue for transaction.
2. Kathleen receives stock in the exchange of the property transferred.
3. Receipt of the stock that is a gift from her mother is a relevant tax issue.
4. If Kathleen is not the transferor of the property and Kathleen receives the stock from the corporation, the transaction will be qualify as non taxable under 351.
5. Stocks received by Kathleen and Nancy is a taxable and so it is relevant to the tax issue.
6. The property in the hands of a corporation is always a tax issue.
7. The deductions that is allowed when the transfer of the stock for the rendering services for Kathleen.
8. The transfer of the stock is considered as gift to Kathleen by Nancy is a taxable transaction, so it is a relevant tax issue.
"Policyholder" <span>signs a contract with a health insurance company and thus, owns the health insurance policy.
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A policyholder refers to a person who owns and claims a protection or insurance arrangement and has the privilege to practice all benefits under the agreement of protection, aside from where limited by the privileges of an appointee. A policyholder could conceivably be the safeguarded, or the sole or one of the recipients of the policy. Likewise called policyowner.
Answer:
It is safer to invest in an IRA account. If she withdraws she will be penalized a large sum.
Explanation:
Answer:
Utility expense is excess debited in accounting record by $ 180 and credted to cash by $ 180, So the journal entry to adjust the bank reconcilation would be
Cash debit $ 180, utilities credit by $ 180
