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What are the gift tax consequences of an irrevocable transfer of $10,000,000 in trust to grantor's son for life, with all income payable to son, then remainder to charity on son's death? Grantor makes no other transfers that year, and grantor is not married.
a. Gift of $10,000,000, less one $13,000 annual exclusion; and deduction for present value of remainder interest to charity as calculated using IRS tables.b. Gift of $10,000,000, less two $13,000 exclusions; no deduction for remainder interest.c. Gift to son of present value of income interest, less one $13,000 exclusion.d. Gift of $10 million, less one $13,000 exclusion; no deduction for remainder interest.
Nessumsar compay develops educational materials. It has a cost of debt after taxes of 6.8% and a cost of equity of 10.9%. The company finances with 45% debt. Calculate its cost of capital.
At the time of issuance, the market interest rate for similar financial instruments is 10%. Instructions: As the controller of the company, determine the selling price of the bonds.
Now assume that eh interaction is sequential where Holland Sweetener chooses to enter and if so they face the pricing problem in the second stage. Should Holland Sweetener enter?
For the common stock, determine (a) the earnings per share, (b) the price-earnings ratio, (c) the dividends per share, and (d) the dividend yield.
Progressive income taxes (the more you earn, the more you pay) are designed in part to reallocate earnings. Does the approach seem fair? Explain your answer.
Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax.
Determine both the relationship of risks in the planning of the audit and factors that influence those risks. Speculate on which type of risk creates the most uncertainty for the auditor, and recommend at least two ways to plan the audit to mitiga..
Prepare a proposal for what consulting services SLL should offer and to whom, inlcuding current auditing clients, other clients, or both.
Donovan Corporation, a calender year-end company, operates a profitable division in Jurisdiction A. In January 2010, Jurisdiction A enacted a tax law that changed the tax rate structure from 30% to 35%. Develop a tax file memorandum for a client ba..
Glen and Michael are equal partners in Trout Enterprises, a calendar year partnership. During the year, Trout Enterprises had gross income of $400,000 and operating expenses of $220,000.
Since opening its dorrs in Hawaii two years ago, Oriental trading has enjoyed tremedous success. Oriental Trading purchases textiles from Asia and resells them to local retail shops.
Write a memo to your partner, citing the relevant tax authority, to explain how much of the $85,000 loss Mike can deduct on his tax return.
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