Answer the following statements true (T) or false (F)
1, Phil transfers $50,000 to a revocable trust benefiting his son, Josh. The transfer is a taxable gift.
2. Mia makes a taxable gift when she makes her mother a joint owner on Mia's bank account. Mia has $25,000 in the account.
3. The changing of a life insurance policy beneficiary from a spouse to an adult daughter constitutes a gift for transfer tax purposes.
4. A net gift occurs when a donor makes a gift subject to the agreement that the recipient agrees to pay the gift tax.
1, FALSE
2, FALSE
3. FALSE
4. TRUE
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One motivation for government privatization is to
A. exert increased government control. B. explore alternative revenues. C. punish corporate conglomerates. D. have the businesses run more efficiently.
The result of closing entries is that balances in all temporary accounts
a. are adjusted to historical cost. b. include monthly depreciation. c. are adjusted to current market values. d. are adjusted to budgeted amounts. e. None of these answer choices are correct.
Which of the following is not a question that needs to be answered with regard to quality control?
a. What happens to the spoiled units? b. What is the actual cost of spoilage? c. How can spoilage be controlled? d. Why does spoilage happen?
A discount loan is a loan on which interest is paid in advance by deducting it from the loan so that the borrower actually receives less money than is requested
Indicate whether the statement is true or false