Answer:
January 1 Year 2 would be an effective date.
Explanation:
Juanita have two ( 2 ) options and they are
- Terminating the election after March 15th
- Terminating the Election at the beginning of the next Financial year
Since it is already February 1 Year 1 , The most effective date for the S election revocation would be January 1 year 2 ( calendar-year of S corporation ) .
Answer:
make environmentalism profitable
Explanation:
THe Government´s effort on providing tax credits to those individuals that purchase electric vehicles is an attempt to make environmentalism profitable and encouraging the purchase and trade of electric vehicles that do not use fossil fuels to run and helo the environment, this is a very important effort by the government to make enviromentalism profitable for people and give an incentive to go green.
Answer:
Maximum amount that can be given to family (including the sons- and daughters-in-law) without using unified transfer tax credit is $390,000.
Explanation:
Given the data in the question;
Nathan and Diana are married and they have 3 married children, meaning Nathan and Diana also have 3 daughters/sons in law married to their children. In addition, they have 7 minor grand children.
Number of donees will be ⇒ 3 + 3 + 7 = 13
Now, we know that; The annual gift tax exclusion for 2019-2020 is $15,000 per donee or individual for every tax payer while that of married couple is $30,000.
Meaning Nathan and Diana can give $30,000as a gift to each of their family members without using any of their unified transfer tax credit.
Hence,
Maximum amount that can be given to family (including the sons- and daughters-in-law) without using unified transfer tax credit will be;
⇒ 13 × $30,000
= $390,000.
Answer:
The correct answer is letter "E": To a large extent, the decision to dissolve a firm through liquidation versus keeping it alive through reorganization depends on a determination of the value of the firm if it is rehabilitated versus the value of its assets if they are sold off individually.
Explanation:
Liquidation refers to the termination of an enterprise and the transfer of its properties to the creditor or business owners. The liquidation most frequently happens in the context of a bankruptcy. A bankruptcy trustee must sell the company properties to the creditors and split the proceeds.
<em>The decision of keeping a business against liquidating it will depend on the comparison between the value of continuing operating which relies on the current value the firm has in the market against the value of the individual assets the firm has. Whichever greater will determine if the business will remain open or if it will be closed.</em>
