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ASHA 777 [7]
3 years ago
6

Stacey inherits unimproved land (fair market value of $6 million) from her father on June 1, 2019. She disclaims her interest in

the property as follows: one-third on December 1, 2019; one-third on January 3, 2020; and the remaining one-third on May 31, 2020. In all cases, the disclaimers pass the interest to her son (the next heir under state law). The Federal gift tax applies to Stacey for:
Business
1 answer:
Arte-miy333 [17]3 years ago
4 0

Answer:

The disclaimer made on May 31, 2018.

Explanation:

IRS Section 2518(b) regarding Estate and Gift Taxes states:

<em>"A taxpayer may make a qualified disclaimer no later than 9 months after the date on which the transfer creating the interest is made, or the date the person attains age 21." </em>

Since Stacey's interest was created on June 1, 2019, the 9 month grace period ended on March 1, 2020. Therefore the last disclaimer made on May 31, 2020, will be subject to federal gift taxes.

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In the month of March, Crane Salon services 590 clients at an average price of $120. During the month, fixed costs were $21,312
Sphinxa [80]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Sales= 590 units

Selling price= $120

Unitary variable cost= 120*0.6= $72

Fixed costs= $21,312

<u>First, we need to calculate the total contribution margin:</u>

Total contribution margin= 590*(120 - 72)

Total contribution margin= $28,320

<u>Now, the contribution margin per unit:</u>

Unitary contribution margin= 120 - 72= $48

<u>Finally, the contribution margin ratio: </u>

contribution margin ratio= contribution margin / selling price

contribution margin ratio= 48/120

contribution margin ratio= 0.4

4 0
3 years ago
Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in in
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<span>The answer to your question is Annual Compounding</span>
4 0
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What type of experiences throughout life can help develop your abilities?
maksim [4K]
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5 0
3 years ago
If a company reorganizes its operation to gain efficiency, the cost associated with this reorganization is classified as
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Answer: Restructuring cost

Explanation:

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