On June 1, Sherri deposits $60,000 into a new joint bank account in the names of Sherri and John. Her friend John makes no deposits. On December 15th, John withdraws $25,000 from the joint account. What are the gift tax consequences, if any?
What will be an ideal response?
No gift arises upon the creation of the bank account. On December 15th, when John withdraws $25,000, Sherri is considered to have made a gift to John of the excess of John's withdrawal over his deposits ($25,000).
You might also like to view...
________ skills refer to the seller's understanding and proficiency in the performance of specific tasks.
A. Technical B. Automated C. E-selling D. Nonhuman E. Conceptual
Choco Sweet Inc gives you the following information: The standard labor time of 0.75 labor hour is required to produce one unit. The standard labor cost for a 10 pound bag of chocolate is $8 per labor hour. The following is data relating to the actual cost and usage data. Direct labor hours used 5,000 hours Total cost of direct labor $42,500 Number of good units produced 8,500 units Using the
above information provided for Choco Sweet, compute the direct labor rate variance for Choco Sweet Inc A) $8,500 (F) B) $11,688 (U) C) $6,000 (F) D) $2,500 (U)
Identify all the nouns in the following sentence: The parents proudly watched their little girl perform at the ballet recital
What will be an ideal response?
Using high-profile entertainment or odd news to get people to talk about your brand is known as _________________________.
a. Guerilla marketing b. Blogging c. Stealth Marketing d. Buzz Marketing