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cestrela7 [59]
3 years ago
6

Gordon purchased real estate for $900,000 and listed title to the property as "Gordon and Fawn, joint tenants with right of surv

ivorship." Gordon predeceases Fawn when the real estate is worth $2,900,000. Gordon and Fawn are brother and sister.
What are the gift and estate tax consequences?
If an amount is zero, enter "0".
a. Gordon made a gift when the real estate was purchased of $_____ to Fawn.
b. Gordon's estate must include $______ as to the property.
c. How would the estate tax consequences change if it was Fawn (not Gordon) who died?
Fawn's estate would include $___0___ as to the property.
Business
1 answer:
xeze [42]3 years ago
7 0

Answer:

a. Gordon made a gift when the real estate was purchased of <u>$450,000</u> to Fawn.

Since Gordon gave 50% of the real estate to his sister as a gift when he purchased it, the gift must be valued at the time it happened ($900,000 x 50%)

b. Gordon's estate must include <u>$2,900,000</u> as to the property.

Gordon purchased all the real estate by himself, so his estate must include the value of the whole property.

c. How would the estate tax consequences change if it was Fawn (not Gordon) who died?

Fawn's estate would include <u>$0</u> as to the property.

Since Fawn didn't buy the property, her estate cannot include any amount of it.

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Answer:

$1,400,000

Explanation:

Calculation to determine how much bond interest expense should the company report for the 6 months ended December 31, 2024

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Answer:

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Explanation:

Variable overhead spending variance = Actual Spending - budgeted Spending based on actual quantity

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Variable overhead spending variance = $293,625 - $303,750

Variable overhead spending variance = $10,125 Favorable

Variable overhead spending variance is

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the optimal quantity of pizza slices for John to buy is 1.

<h3>Determining the optimal quantity </h3>

According to economics, the optimal quantity of a good that should be consumed is the quantity at which the marginal utility equals the marginal cost.

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D

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