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Nathan and Diana are married and have three married children and seven minor grandchildren. For tax year 2020, what is the maxim

Luba_88 [7]

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.

6 0

3 years ago

Azule Co. manufactures in two sequential processes, cutting and binding. The two departments report the information below for a

Angelina_Jolie [31]

Answer and Explanation:

The computation of the ending balance in the work in process inventory for each department is shown below:

For Cutting department

= Direct material + conversion + cost added for direct material + cost added for conversion - transferred in from cutting department

= $1,095 + $3,650 + $13,740 + $18,300 - $17,395

= $19,390

And, for binding department

= Transferred in from cutting department Direct material + conversion + cost added for direct material + cost added for conversion - transferred to finished goods

= $1,200 + $2,862 + $3,800 + $9,332 + $19,475 - $31,000

= $5,669

8 0

3 years ago

lue Inc. has decided to raise additional capital by issuing $171,000 face value of bonds with a coupon rate of 11%. In discussio

Dafna1 [17]

Answer:

Explanation:

Value assigned to bonds =

Value of bonds without warrants/(value of bonds without warrants+value of warrants)*Issue price

Value assigned to warrants =

Value of warrants/(value of bonds without warrants+Value of warrants)

Value assigned to bonds = 115,200/(115,200+28,800) * 140,000 = 0.8*140,000 = 112,000

Value assigned to warrants = 28,800/144,000 * 140,000 = 28,000

Journal entries:

Dr Cash 140,000

Dr Discount on bonds payable (171,000-112,000) 59,000

Cr Bonds payable 171,000

Cr Paid in capital-Stock warrants 28,000

5 0

3 years ago

Identify the statement below that is incorrect. A) The normal balance of accounts receivable is a debit. B) The normal balance o

a_sh-v [17]

Answer:

D) The normal balance of an expense account is a credit.

Explanation:

We know that

The debit sections report assets and expenses side while sales, stockholder equity, and the liability side are reported in the credit section.

So as per the given options, the incorrect answer is D as expense account has a debit balance but the question it is given that the expense account has a credit balance that is totally wrong.

3 0

3 years ago

Read 2 more answers

Big Johnson Products charges Moe's Meats a lower price for goods because Moe and Johnson play golf together regularly. Big Johns

artcher [175]

Answer:

Option A is correct,price discrimination

Explanation:

Price discrimination is charging different customers different prices in the same or different markets.

There are laws that frown against price discrimination in order to ensure fairness in business dealings and to ensure the activities of price discriminator does have negative effects on consumers or businesses that rely on the price discriminator for inputs.

A typical example of price discrimination is financial aid which is common with online courses,where certain people due to their peculiarities are offered financial assistance in their bid to study that is available to some other students.

8 0

3 years ago