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
Sholpan [36]
3 years ago
14

Your customer, age 68, that has an IRA account at your firm valued at $500,000, passes away. The customer leaves the account to

his son, age 38. He has no need for current income as he is still working, and wishes to know his best option to minimize taxes. He expects to retire in 22 years, at which time, he will need the funds to pay for annual living expenses. You should advise the son to:
Business
1 answer:
schepotkina [342]3 years ago
5 0

Answer:

He should roll the funds over into a new IRA in the spouse's name

Explanation:

Since the son is expects to retire in 22 years, in which at that time he will be in need of the funds to pay for his or his Family annual living expenses the best advice I would give the son is for him to roll all the funds over into a new IRA in the name of spouse's because the IRA Account which is fully known as INDIVIDUAL RETIREMENT ACCOUNT is an individual retirement plan that can help to provides all tax the advantages that an individual needs for their retirement savings.

You might be interested in
A company purchased a computer, office furniture, and office supplies by issuing a check for $5,000 and a note payable for $19,5
Morgarella [4.7K]

Answer:

The total recorded value of the items is 24,500

4 0
3 years ago
Electronic résumés have an attractive, highly formatted appearance. T F​
MAXImum [283]

Answer:

False.

Explanation:

False.

8 0
3 years ago
Read 2 more answers
project x has an initial cost of $20,000 and a cash inflow of $25,000 in year 3. project y costs $40,700 and has cash flows of $
Helen [10]

Project X has a $20,000 start-up cost and a $25,000 cash inflow in year 3. Project Y has a $40,700 cost and generates cash flows of $12,000, $25,000, and $10,000 over the course of its first three years. The projects are mutually exclusive, and the discount rate is 6%. You should approve the project in the end based on the irrs and npv of each individual project as well as your own assessment of those factors. X;Y:Y.

Start-up costs are the costs a business spent or incurred to establish an active trade or business, or to research establishing or acquiring an active trade or business. Start-up costs are sums paid or expended in connection with a current profitable activity that is intended to generate money prior to the activity becoming a fully operational trade or business. Equipment, incorporation fees, insurance, wages, and taxes are just a few of the startup costs. Although startup costs will differ depending on your business's industry and type, an expense for one firm might not be applicable to another. It helps you effectively launch your firm and maintain profitability after your doors are open to understand your expenses and how you will manage them.

Learn more about startup costs here

brainly.com/question/10168576

#SPJ4

3 0
1 year ago
Criticism is hurtful because it makes one feel as if _______.
bija089 [108]

Answer:

a

Explanation:

they may feel like this because they're being talked about or like they're doing something wrong

5 0
3 years ago
Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his sep
vodomira [7]

Answer:

D) $25,000

Explanation:

Even though Dana and Larry are married, since they are filing separate tax returns, then all the income that Larry must declare are his $25,000 earned as rental income.

If they were filing together, then they would declare $70,000 as combined income (= $25,000 + $45,000).

3 0
3 years ago
Other questions:
  • A (n) is the factor that is deliberately changed in an experiment
    15·1 answer
  • What factors affect the time value of money and the cost of borrowing money?
    6·1 answer
  • 1. Carla Vista Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $26,
    7·1 answer
  • Rob operates a small plumbing supplies business as a sole proprietor. In 2018, the plumbing business has gross business income o
    15·1 answer
  • Jillian has just started her first job with a $45,000 salary at a company with a 401(k) plan that has a 100% match up to 3% gros
    13·1 answer
  • Barron Chemical uses a thermoplastic polymer to enhance the appearance of certain RV panels. The initial cost of one process was
    9·1 answer
  • If the poverty trap were made even more difficult to overcome because a working mother will have extra expenses like transportat
    15·1 answer
  • Assume the following property and equipment footnote was obtained from the Deere & Company's 2016 10-K. Property and Depreci
    9·1 answer
  • Supplies at the beginning of the year totaled $2,000. During 2021, additional supplies of $18,000 were purchased, and the entire
    8·1 answer
  • the price of a stock is $45 at the beginning of the year and $50 at the end of the year. of the stock paid a $1 dividend and inf
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!