Question
A ______ is responsible for any income taxes due on income generated by or from the property subsequent to the making of the gift; the
A ______ is responsible for any income taxes due on income generated by or from the property subsequent to the making of the gift; the ______ must pay any gift tax generated by the making of the gift.
A)
donor; donee
B)
donee; donor
C)
donor; donor
D)
donee; donee
Which of the following statements concerning municipal bonds is/are CORRECT?
- Revenue bonds are municipal bonds that are used to finance the everyday operational needs of the municipality.
- General obligation bonds are municipal bonds that are floated to finance the expense of a special project, such as an airport.
A)
II only
B)
I only
C)
Neither I nor II
D)
Both I and II
All of the following must be repaid by the recipient EXCEPT
A)
Perkins loans
B)
Pell grants
C)
Stafford loans
D)
PLUS loans
All of the following are included in gross income EXCEPT
A)
debts forgiven
B)
supplemental unemployment
C)
prizes
D)
cost of group term life insurance for coverage under $50,000
A favorable feature for some employers in implementing a retirement plan is the ability to make flexible or discretionary contributions. Which of the following plans will provide the most flexibility of contributions for the employer?
A)
A money purchase pension plan
B)
A defined benefit plan
C)
A SIMPLE IRA
D)
A profit-sharing plan
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started