1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zvonat [6]
2 years ago
12

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.

You might be interested in
The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity i
victus00 [196]

Answer:

Quantity variance.

Explanation:

The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity is called the Quantity variance.

For instance, if Tony needs a standard quantity of 50 pounds of iron to construct a burglary, but only used 51 pounds, then the quantity variance is 1 pound of iron.

<em>Hence, the quantity variance is simply the difference between the actual quantity of materials that should be used and the quantity of materials that was used. </em>

5 0
3 years ago
The Washington, D.C.-based Heritage Foundation survey consists of over 178 countries ranked by degree of economic freedom. The k
DedPeter [7]

Answer:

percent foreign ownership.

Explanation:

The twelve freedoms included in the Heritage Foundation of Economic Freedom index are divided into four main categories:  

Rule of law

  • Property rights
  • Judicial effectiveness
  • Government integrity

Government size

  • Tax burden
  • Government spending
  • Fiscal health

Regulatory efficiency

  • Business freedom
  • Labor freedom
  • Monetary freedom

Open markets

  • Trade freedom
  • Investment freedom
  • Financial freedom
8 0
2 years ago
The three major types of firms in the united states are called
Nina [5.8K]
The three major types are;
1. Partnerships
2. Corporations
3. Sole proprietorship

5 0
3 years ago
Several years ago, Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reser
Alinara [238K]

Answer:

price-taking assumption.

free entry assumption.

Explanation:

A perfectly competitive market is one in which different firms compete for consumers of their products. The characteristics of the perfectly competitive market are:

- products are nearly identical

- all the firms are price takers. That is they are not able to determine price independently

- buyer knowledge of information about products is perfect and available to all

- free entry and exit to the market

- resources are perfectly mobile

In the given scenario above two of these rules are not obeyed.

Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reserves in the world.

So they determine the price ( they are not price takers)

Also since they own nearly all the aluminium reserves there is no free entry for new firms

5 0
2 years ago
Squirrel Tree Services reports the following amounts on December 31.
borishaifa [10]

Answer and Explanation:

The Preparation of balance sheet is prepared below:-

                                    Squirrel Tree Services

                                        Balance Sheet

                              For the year ended 31st December

Assets                        Amount              Liabilities                 Amount

Cash                             $8,300            Accounts payable    $11,500

Supplies                       $2,400            Salary payable         $4,100

Prepaid insurance       $4,100            Notes payable          $26,000

Building                        $78,000

                                                            Total liabilities         $41,600

                                                            Common stock        $40,000

                                                            Retained earning    $11,200

                                                            Total stockholder

                                                                 equity                  $51,200

                                                            Total liabilities and

<u>Total assets              $92,800          stockholder equity   $92,800</u>

B. The preparation of cash flows is shown below:-

                                    Squirrel Tree Services

                                        Cash flow

                              For the year ended 31st December

Particulars                                                                         Amount

Cash flow from operating activities

Cash inflow from customers                   $96,000

Cash outflow for salaries                         ($40,000)

Cash outflow for supplies                        ($22,000)

Net cash flow from operating activities                         $34,000

Cash flow from investing activities

Sale of investment                                  $35,800

Purchase of building                               ($98,000)

Net cash flow from investing activities                         ($62,200)

Cash flow from financing activities

Borrow from bank                                  $38,000

Dividends                                                ($15,500)

Net cash flow financing activities                                  $22,500

Net increase in cash                                                       ($5,700)

Beginning cash of the year                                            $15,200

Ending cash of the year                                                 $9,500

Working note

we deduct the cash inflow from cash outflow and add cash to reach the beginning cash of the year.

6 0
3 years ago
Other questions:
  • What should Susan's three main talking points be to convince her Mom that she should file her own tax
    10·1 answer
  • A key use of a customer survey used in the operations consulting phase of problem definition is customer loyalty analysis. True
    11·1 answer
  • "your boss just told you that the is department ran an automated security scan of the system and that it found a problem with yo
    14·1 answer
  • Rhonda has an adjusted basis and an at-risk amount of $23,600 in a passive activity at the beginning of the year. She also has a
    10·1 answer
  • Kingbird Inc. owns equipment that cost $672,000 and has accumulated depreciation of $174,000. The expected future net cash flows
    5·1 answer
  • Family Furniture Corporation incurred the following costs. Identify the costs as variable, fixed, or mixed. 1. Wood used in the
    11·1 answer
  • Stockholders' equity
    6·1 answer
  • Suppose C1 and C2 form a partition of sample space S. Suppose A and B are two events such that the following statements are true
    7·1 answer
  • As the marginal propensity to consume (MPC) increases, the spending multiplier: Increases, decreases, stays the sameIf the margi
    13·1 answer
  • Uber is considering adding a service to their current offering. Instead of picking up people and taking them to their destinatio
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!