Anna's grandfather gave her stock worth $100,000 on her 18th birthday. During the current year, Anna receives $5,000 of dividends on the stock, which she uses to pay college expenses. The cost of Anna's tuition, fees, and books is $4,000. Anna's income from this event is:
A. $-0-.
B. $1,000.
C. $4,000.
D. $5,000.
E. $75,000.
Answer: D
You might also like to view...
Which of the following would not result in an unqualified audit report with an explanatory paragraph?
a. Going concern issue. b. Scope limitation. c. Emphasis of a matter. d. Consistency of presentation.
Is negotiation a voluntary decision, or are we required to negotiate?
What will be an ideal response?
What are the APA's requirements regarding recordkeeping and reporting?
What will be an ideal response?
Henry, a manager at Traders Inc., is confident about getting an Austrian supplier for the company. He is talking with the Austrian representatives over lunch. Which of the following should Henry avoid after the deal is made?
A. Selling the deal B. Changing the subject to a personal one C. Leaving, if the other person does not care much about relationships D. Sticking around, if the other person wants to work on the relationship