<span>D. The product is a necessity.</span>
Answer:
C. To obtain revenue for the U.S. government
Explanation:
A tax applied to imports is a source of revenue for the importing government. When purchases are from outside the country, the importers pay the government some money as import tariffs. This amount of money is revenue to the government.
Import tariffs usually protect local production from unfair competition by cheap imports. In this case, the US does not grow bananas. The tax on bananas must be a source of revenue.
In this type of situation, both Ramsay and the company will be investigated for the tax fraud case. Even if Ramsay was found not guilty, the company will still be investigated since the company is a separate entity and there is an alleged big amount hidden in company's assets. If the company is found guilty, it will still be liable for the case even if Ramsay was found not guilty. Most likely, the investigators will try to tie the case back to him anyway since he is one of the main representatives of the company.
Answer:
Vanessa's tax basis in cook inc. $50,000
Explanation:
Given:
Cash = $20,000
Fair market value = $100,000
Adjusted basis = $40,000
Mortgage executed = $30,000
Now,
For the tax basis
cash $30,000
add; Land ( adjusted basis ) $40,000
less ; Mortgage $20,000
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Vanessa's tax basis in cook inc. $50,000
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