The unified transfer tax system, comprised of the gift and estate taxes, is based upon the total property transfers an individual makes during lifetime and at death.
Answer the following statement true (T) or false (F)
True
Gift and estate taxes, which comprise a unified transfer tax system, are based on cumulative transfers.
You might also like to view...
Tariffs and quotas on imports tend to involve larger sacrifices in national welfare than would occur under domestic subsidies. This is because, unlike domestic subsidies, import tariffs and quotas
a. permit less efficient home production. b. distort choices for domestic consumers. c. result in higher tax rates for domestic residents. d. redistribute revenue from domestic producers to consumers.
The accountant for Crusoe Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year$133,000?Cash dividends declared for the year 53,000?Proceeds from the sale of equipment 88,000?Gain on the sale of equipment 8400?Cash dividends payable at the beginning of the year 25,000?Cash dividends payable at the end of the year 28,400?Net income for the year 99,000?What is the ending balance for retained earnings?
A. $179,000. B. $262,000. C. $290,000. D. $188,000. E. $209,000.
The following procedures were recently implemented at the Health Station, Inc For each procedure, indicate whether the internal control over cash represents (1 ) a strength or (2 ) a weakness. If it is a weakness, please explain why. (a) All mail is
opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. (b) The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. (c) At the end of each day, any deposited cash receipts are placed in the bank's night depository. (d) The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.
Savings accounts are ____________________ deposits.
Fill in the blank(s) with the appropriate word(s).