1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nikitich [7]
3 years ago
6

Mr. C made the following gifts: $12,000 to a university to pay tuition costs for his niece. An undeveloped tract of land to his

sister that had an adjusted basis to Mr. C of $4,000 and a fair market value of $25,000. Various shares of stock to his wife that had an adjusted basis to Mr. C of $15,000 and a fair market value of $40,000. Mr. C did not consent to gift-splitting. What is the total amount of taxable gifts
Business
1 answer:
Nonamiya [84]3 years ago
5 0

Answer:

$10,000

Explanation:

Gifts are only taxed when their fair market value is higher than $15,000. Any gifts made to your spouse are not taxable. Gift taxes are calculated on a  per person base, as long as they do not exceed the lifetime exemption (which is $11.58 million).

The tuition costs of her niece are not taxable since they are less than $12,000. The stocks given to his wife are not taxable either. The only taxable gift is the land given to his sister which had a FMV of $25,000. The taxable amount = $25,000 - $15,000 = $10,000

You might be interested in
Which sentence is​ correct?
cricket20 [7]

D. The school system is composed of five different​ districts, each of which composes six or more schools.

Out of the sentences listed, answer D is the best well written sentence based on structure.  When developing setence structure, makig sure the sentence sounds and is written approriately is necessary.  

6 0
2 years ago
An investment project provides cash inflows of $615 per year for eight years. a. What is the project payback period if the initi
aksik [14]

Answer:

It will take 3 years and 66 days to pay for the initial investment.

Explanation:

Giving the following information:

Cash flows= $615 for 8 years

Initial investment= $1,750

<u>The payback period is the time required to cover for the initial investment.</u>

<u></u>

Year 1= 615 - 1,750= -1,135

Year 2= 615 - 1,135= -520

Year 3= 615 - 520= 95

Exactly:

(95/520)= 0.18*365= 66

It will take 3 years and 66 days to pay for the initial investment.

8 0
3 years ago
Southwestern Bank offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. The loan (principal plus interest) m
Mandarinka [93]

Answer:

0.03%

Explanation:

Southwestern Bank

The Effective annual interest rate of Southwestern bank compounded monthly would be

First step

Calculation for the Effective annual rate of Riverside Bank:

rR = (1 + (0.065/12))^12 = 1.067

Second step

Calculation for the Effective annual rate of Midwest Bank:

rM = (1 + (0.07/1))^1 = 1.07

The effective annual rate of Midwest Bank is higher by :

(1.07 -1.067)

=0.003 % or 0.3%

Therefore the higher or lower is the effective annual rate charged by Woodburn versus the rate charged by Southwestern would be 0.03%

7 0
3 years ago
You're reviewing the paid and organic search report for a client who runs a maui snorkelling tour business, and you see that her
Charra [1.4K]
The information can be used to help convince her to advertise her business website on search engines in order to make her business more prominent (even being brought to the top) when potential customers search using the keywords related to <span>maui snorkelling tour business. </span>
6 0
2 years ago
A demand for a product or resource because of its contribution to the final product is called
tino4ka555 [31]

Answer:

Derived demand

Explanation:

Derived demand occurs when a good is requested not for benefits they directly provide, but for their contribution to another product.

For example capital, land, labour, and raw materials are demanded for their role in producing a final product.

So they can be seen as goods that have derived demand.

When they demand for the final product increases the good that has derived demand also increases, and vice versa.

8 0
2 years ago
Other questions:
  • The windows 10 desktop has controls, also known as its ____, that allow you to interact with the windows 10 operating system.
    8·1 answer
  • __________ emphasizes that there is "one best way" to perform a job or task in order to increase productivity. the "one best way
    10·2 answers
  • The difference between the ________ and the ________ from the sale of a product is called producer surplus.
    10·1 answer
  • Prepare journal entries to record each of the following four separate issuances of stock.
    6·1 answer
  • On April 1, Smart, Inc. paid $7,200 for an insurance premium on a three-year insurance policy. How does this transaction affect
    9·1 answer
  • Whole Foods differentiates its grocery stores from traditional stores by offering organic, natural, and locally sourced products
    12·1 answer
  • The term applied to the amount of cost to transfer to expense resulting from a decline in the utility of intangible assets is:__
    14·1 answer
  • May 31, 2018 June 30, 2018
    5·1 answer
  • What is not one of the five main catogories of risk faced by individuals?
    11·1 answer
  • What do you think of the business meeting being held at the opening of the film? How foes it differ from business meetings in am
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!