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laiz [17]
3 years ago
8

In order to qualify as substantial performance, the party who fails to perform perfectly must perform . failure to comply with t

he contract terms is a of the contract. the performance must not vary greatly from the promised performance: an omission, variance or defect in performance is considered if it can be by compensation. finally, the performance must create substantially the same as those promised in the contract.
Business
1 answer:
ValentinkaMS [17]3 years ago
4 0

Answer:

After observing the question, there are blank spaces to fill in the question. These blank spaces are to be filled with the right answers. Since it was not shown in the question, I will write out the question again and appropriately add the answers for proper understanding. I hope it helps.

In order to qualify as substantial performance, the party who fails to perform perfectly must perform <u>in good faith</u>. <u>Intentional</u> failure to comply with the contract terms is a <u>breach</u> of the contract. The performance must not vary greatly from the promised performance: an omission, variance or defect in performance is considered <u>minor</u> if it can be <u>remedied</u> by compensation. finally, the performance must create substantially the same <u>benefits</u> as those promised in the contract.

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generativity versus stagnation

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3 years ago
Mr. Bailey would like to gift $515,000 (FMV) of appreciated property (basis $200,000) to his son. Mr. Bailey doesn't want to use
Oliga [24]

Answer:

He should set a grantor retained annuity trust (GRAT).

Explanation:

Mr. Bailey would be the grantor that transfers the asset into the GRAT, but retains the right to receive annuity payments for a number of years. The IRS has set a minimum annuity corresponding to the Section 7520 rate, during the last two years the rate has varied from 2-3%. When the trust expires (pays all the annuities), the beneficiary gets the asset tax free.

Since the grantor is giving up an asset but in exchange is receiving an annuity form it, there is no applicable gift tax, it is called a zeroed-out GRAT.

This type of grant makes sense only if the grantor believes that the future value of the asset will be higher than the current value, since the annuity is based on the current value. In this case, Mr. Bailey would receive payments based on a $200,000 value, but the property's fair market value is already higher and should increase as time passes.

7 0
3 years ago
Social security and medicare are?
mart [117]

Answer:

I believe it is progressive taxes.

Explanation:

Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as social security taxes, and the hospital insurance tax, also known as Medicare taxes.

3 0
3 years ago
Beth's business purchased only one asset during the current year (a full 12-month tax year). Beth placed in service machinery (7
nalin [4]

Answer:

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2 years ago
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