Toby transfers to Jim a life insurance policy with a face value of $25,000 and a cash value of $5,000 in payment of a personal debt. Jim continues to make premium payments on the policy until Toby's death. At that time, Jim had paid $1,500 in premiums.
a.
How much income must Jim report when he receives the $25,000 in proceeds?
b.
Would your answer be different if Toby and Jim were partners in a partnership? Why?
What will be an ideal response?
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A vendor's recent shipment at the retailer's distribution center was on time, but the boxes were mislabeled along with other infractions against the retailer's mandated shipment policies. What should the retailer do?
A. Send the shipment back. B. Pay the vendor invoice immediately to assure deliveries are still on time in the future. C. Initiate legal proceedings against the vendor. D. Issue a chargeback. E. Accept the vendor's gifts to repay the inconvenience infractions.
Ricky has learned about EBM and decided to start using it within his department. The first thing he should do is to ______.
A. implement ideas from “breakthrough” studies without hesitation B. work on the development of collective brilliance C. realize that old ideas are old ideas and should be treated that way D. show favoritism to new ideas and theories
If you plan to refer to handouts, you should distribute them immediately before beginning the presentation
Indicate whether the statement is true or false
B2B, Inc., an inventory management firm, is a corporation. Cody is one of B2B's owners¾a shareholder. If Cody's dies, B2B
A. automatically terminates. B. continues in business. C. dissolves unless the other owners agree to continue. D. distributes Cody's shares to the other shareholders.