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2 years ago

Receive 1 million in cash gift do i have to file taxes

Business

1 answer:

Ierofanga [76]2 years ago

8 0

Answer:

Gift tax is not an issue for most people

Explanation:

The person gifting files the gift tax return, if necessary, and pays any tax. If someone gives you more than the annual gift tax exclusion amount ($15,000 in 2020), the giver must file a gift tax return.

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has acquired several other companies. Assume that Patton purchased Kate for $ 6 comma 000 comma 000 cash. The book value of Kate

svlad2 [7]

Answer and Explanation:

1. The amount of goodwill is shown below:

= Purchase price - the market value of net assets

= $6,000,000 - ($17,000,000 + $13,000,000)

= $2,000,000

2. Now the journal entry for purchase is

Assets $17,000,000

Goodwill $2,000,000

To Liabilities $13,000,000

To Cash $6,000,000

(Being the purchase is recorded)

For recording this we debited the assets and goodwill as it increased the assets and credited the liabilities and cash as it also increased the liabilities and decreased the assets

5 0

3 years ago

At its inception, Peacock Company purchased land for $50,000 and a building for $220,000. After exactly 4 years, it transferred

Viktor [21]

Answer:

Selvick company should record the building at $220,000 and accumulation depreciation of $44,000

Explanation:

The computation of deprecation is shown below:

Depreciation = (Original cost - salvage value) ÷ useful life

where,

Original cost is $220,000

Salvage value is 0

And, the useful life is 20 years

Now put these values to the above formula

So, the answer would be equal to

= $220,000 - 0 ÷ 20

= $11,000

And, the accumulated depreciation would be

= Depreciation × number of years

= $11,000 × 4

= $44,000

we ignored other information which is given in the question, as we have to compute the depreciation through Straight line method.

Hence, Selvick company should record the building at $220,000 and accumulation depreciation of $44,000

7 0

3 years ago

Sean, age 37, wants to maximize his 2021 Roth IRA contribution and purchase as much Beyond Meat stock as possible. If BYND stock

blsea [12.9K]

37 shares that he can purchase

7 0

3 years ago

Establishing a 1%/10 Net 30 term would be considered a benefit to a favorite customer and should typically be offered after they

Elodia [21]

The statement is false. It would be an advantage to both the client and the organization. This would mean if the client needs a markdown from the provider they would need to pay the receipt inside 10 days to get the rebate, and this would then enable the organization to get their cash speedier.

6 0

3 years ago

Dumphy and Funke are rival tattoo artists in the small town of Feline. There are no other tattoo artists in town. It costs $30 t

inysia [295]

Answer:

Part a: What will be the equilabrium price that Dumphy and Funke will charge?

Answer: Price charged = $30

Part b: What are the profits for Dumphy and Funke at the equilibrium price?

Answer: Profit on equilibrium price = $0

Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?

Answer: Price competition

Explanation:

Part a: What will be the equilabrium price that Dumphy and Funke will charge?

Answer:

Price charged by each of the artists will be equal to their marginal cost.

Thus, equilibrium P = MC = $30.

Part b: What are the profits for Dumphy and Funke at the equilibrium price?

Answer:

Equilibrium profits will be 0 at the equilibrium because price charged is equal to MC, leading to no profits.

Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?

Answer:

Price competition - as changes in price will lead to changes in demand and thus sales

5 0

3 years ago