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oksano4ka [1.4K]
3 years ago
14

Which of the following transactions would NOT be acceptable to the IRS as a means of switching the taxable income to another tax

payer?
a. Selling a taxpayer's assets to her business at fair market value
b. Transferring interest income from a taxpayer's investment to his young daughter
c. Giving a gift of the taxpayer's stock to her son
Business
1 answer:
hodyreva [135]3 years ago
5 0

Answer:

B) Transferring interest income from a taxpayer's investment to his young daughter

Explanation:

If you want to pay less taxes there are two basic ways that you can do it:

  1. moving income (and deductions) to a more favorable tax jurisdiction, e.g. many multinational corporations did this by setting foreign headquarters that managed sales outside the US
  2. moving income form a tax payer that falls under into a high tax bracket to another taxpayer that falls under a lower tax bracket, e.g. giving stock to your children as a gift

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Answer:

$24,550

Explanation:

Computation for the estimated cost of the ending inventory

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Cost of goods Sold = 100%- 37% = 63%

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Using this formula

Estimated Cost of Ending Inventory= Cost of goods available for sale - Cost of Goods Sold

Let plug in the formula

Estimated Cost of Ending Inventory = $286,000-$261,450

Estimated Cost of Ending Inventory = $24,550

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Answer:

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