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Two years ago Nils transfers a $200,000 life insurance policy on his life to his daughter, Gail. The policy is worth $60,000 at the time of transfer and Gail pays Nils $50,000. When Nils dies this year, the $50,000 cash is still in a savings account. The consideration offset when computing Nil's gross estate is :
a. $0
b. $50,000
c. $150,000
d. $166,667
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Write a brief discussion commenting on the need for reconciling book income for a partnership to taxable income for that partnership for tax purposes.
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Sheniqua, a single taxpayer, had taxable income of $73,239. Her employer withheld $14,077 in federal income tax from her paychecks throughout the year. Using the tax tables
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