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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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Market researchers often report discretionary income. Discretionary income is your disposable income minus your fixed expenses.
SOVA2 [1]

The percentage of the disposable income that is discretionary is equal to 30.82% if the amount left after fixed expenses is $900.

As the amount left after payment of the fixed expenses is $900, this is said to be the discretionary income because discretionary income is equal to the disposable income minus fixed expenses.

Now we can calculate the percentage of disposable income that is discretionary as follows;

percentage of disposable income that is discretionary = (discretionary income ÷ disposable income) × 100

% discretionary income = (900 ÷ 2,920) × 100

% discretionary income = 90,000 ÷ 2,920

% discretionary income = 30.82%

Hence, 30.82% of the disposable income is calculated to be discretionary if the disposable income is $2,920 and the amount left after payment of fixed expenses is $900.

To learn more about discretionary income, click here:

brainly.com/question/15814704

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3 0
1 year ago
Match the economic scenario to the relevant characteristics. Increase in savings increase in unemployment more demand for funds
Elan Coil [88]

Answer:

Economic expansion

  • Increase in savings

The economy is expanding which means that people have access to higher wages. This will enable them to save more.

  • More demand for funds among borrowers

As the economy is expanding, people will borrow to consume more as well as to invest which will lead to a higher demand for borrowed funds.

  • Increase in price of products

With more people able to afford goods and services, prices will increase as there is now more demand for those goods.

Economic recession

  • Increase in unemployment

With the economy shrinking, companies will be making less profit and will have to layoff workers to reduce their costs.

  • Increase in government borrowing

In a recession, the Government will have to spend more to prop up the economy like the US Government did during this pandemic by providing stimulus packages. This spending is supported by borrowing.

3 0
2 years ago
Jerome is training to be a vacuum cleaner sales person. Initially, he got paid for each customer he called on, even if the custo
lukranit [14]

Answer:

Shaping

Explanation:

According to my research on studies conducted by various psychologists, I can say that based on the information provided within the question Jerome's sales skills are being developed through the use of Shaping. Psychologists refer to this term as a process of reinforcing certain behaviors that help improve a set of desired abilities. Which is what what the company seems to be doing with Jerome in order for him to develop the skills to close more sales.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
A company uses the allowance method to account for bad debts. What is the effect on each of the following accounts of the collec
elena55 [62]

Answer:

d. No effect No effect

Explanation:

When allowance method is followed then bad debts allowance is created for non-collectible debts balance.

This balance clearly depicts the debtors which are not collectible and then set off against accounts receivables balance.

When an already written off bad debt is recovered, such recovery increases income only, and does not effect any allowance account or accounts receivable account.

As for this already expense had been allowed.

And amount recovered is no more standing due in accounts receivables balance.

Thus, correct option is

d. No effect No effect

4 0
3 years ago
When Tom’s customer tells him that she needs a new sofa because her house burned down, he hears the sadness and pain in her voic
Gnoma [55]
Emotional reasoning and humanism.
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3 years ago
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