Before his nephew dean leaves for college will loans

  • Hunter College, CUNY
  • ECO 101
  • Notes
  • CoachScienceZebra8493
  • 43
  • 90% (52) 47 out of 52 people found this document helpful

This preview shows page 17 - 19 out of 43 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Fundamentals of Business Law Today: Summarized Cases
The document you are viewing contains questions related to this textbook.
Chapter 9 / Exercise 9-8
Fundamentals of Business Law Today: Summarized Cases
Miller
Expert Verified
108. Before his nephew (Dean) leaves for college, Will loans him $400,000. Dean signs a note promising to repay the loan in five years. No interest element is provided. Which, if any, of the following is a tax consequence of this arrangement? a. Will has not made a gift to Dean of the interest element.b. Will has an interest expense deduction as to the interest element.c. Dean has interest income as to the interest element.*d. Dean may be allowed an income tax deduction as to the interest element.e. None of the above.
109. Which of the following statements relating to the Federal gift tax is incorrect?
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Fundamentals of Business Law Today: Summarized Cases
The document you are viewing contains questions related to this textbook.
Chapter 9 / Exercise 9-8
Fundamentals of Business Law Today: Summarized Cases
Miller
Expert Verified
110. Concerning the election to split gifts under § 2513, which of the following statements is incorrect?
111. Which, if any, of the following is a correctstatement regarding the filing of a gift tax return (Form 709)?
112. Mark dies on March 3, 2011. Which, if any, of the following items is notincluded in his gross estate?*a. Interest earned (after death) on City of Cleveland bonds.b. Cash dividend on stock owned by Mark—declaration date was February 4, 2011, and record date was March 2, 2011.c. Federal income tax refund for 2010—received on March 4, 2011.d. Insurance recovery on auto accident that occurred on February 25, 2011.e. Insurance recovery from theft of sailboat on March 1, 2011.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture