INCOME TAXATION 6TH Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS 127 Chapter 14: Income Taxes of Estates & Trusts CHAPTER 14 INCOME TAXES OF ESTATES & TRUSTS Problem 14 – 1 TRUE OR FALSE 1. False – P20‚000 2. True 3. True 4. True 5. True 6. True 7. False – It shall be in writing either as trust inter-vivos or through a will. 8. False – A trustor is the person who establishes the trust‚ not the trustee. 9. True 10. True 11. True 12. True Problem 14 – 2 TRUE OR FALSE 1. False – A taxpayer is
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about ten years practicing their craft to become the best at what they do. I believe this is the background for all successful people. If you are born into a rich and powerful family it is possible that you are handed down all the success. There is another reason why it runs in families‚ I believe that those people are shown from a very early age all the hours of work and dedication it takes to become wealthy and powerful therefor they have a better understanding
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and then subsequently sell it at a higher price‚ we make a gain. The gain on sale of a capital asset is called capital gain. This gain is not a regular income like salary‚ or house rent. It is a one-time gain; in other words the capital gain is not recurring‚ i.e.‚ not occur again and again periodically. Opposite of gain is called loss; therefore‚ there can be a loss under the head capital gain. We are not using the term capital loss‚ as it is incorrect. Capital Loss means the loss on
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(10 min.) E 1-23 Req. 1 The owner’s equity increased during the year by $4‚000. Beginning owner’s equity: $19‚000 – $9‚000 = $10‚000 Ending owner’s equity : $27‚000 – $13‚000 = $14‚000 Change in owner’s equity: $14‚000 – $10‚000 = $4‚000 Req. 2 Owner’s equity can change three ways: Owner’s equity can increase through: Owner contributions and/or Net income Owner’s equity can decrease through:
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SNAP‚ the Supplemental Nutrition Assistance Program‚ is a government assistance program to help low-income households pay for food. SNAP used to be called the Food Stamp program. The federal government changed the name of the program on October 1‚ 2008. SNAP is a modern program that uses EBT cards instead of old style paper food stamp coupons. The amount of SNAP food stamps a household gets depends on the household’s size‚ income‚ and expenses. The first food stamp program was established by virtue
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As the name suggests‚ information technology has built on existing ways of storing information for various reasons including better security‚ accessibility and data integrity. Although there are various other reasons for using information technology‚ these are the reasons of primary importance and hence are necessary for the discussion of threats and prevention through various means. Security is by far the most common reason for using information technology. Originally‚ important paperwork and confidential
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$10 Dollar Bill Assignment Alexander Hamilton does deserve to be the face of the ten dollar bill. Although he never became the president of the United States like the other faces featured on our currency today‚ he took a major role in the developing of our country that shouldn’t go unnoticed‚ and most certainly should not be forgotten. For example‚ as the first Secretary of Treasury‚ Hamilton was essentially the founder of the U.S. financial system‚ which he is most known for. He had exceptional
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The SNAP benefits should become harder to receive for U.S citizens. These welfare programs are provided for an extra financial boost for low-income families. Some of these families are not even trying to take care of their needs‚ but instead worrying about their physical appearance. In addition‚ these families that I see utilizing their benefits are usually wearing expensive brands such as Michael Kors‚ Rock Revival‚ and Versace. Not all‚ but most who are receiving these benefits spend their payroll
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What is performance evaluation? o Performance evaluations are formal review processes designed to encourage the informal day-to-day practice of performance management‚ while providing a framework in support of merit pay adjustments‚ promotion and employment decisions. Evaluating staff performance and helping employees develop their skills are important duties associated with performance management. Performance management begins with supervisors and employees collaboratively setting goals
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Annual Report TARGET 2011 ANNUAL REPORT Financial Highlights Total Revenues $69.87B $67‚390 $69‚865 $64‚948 $65‚357 $63‚367 EBIT $5.32B $5‚272 $4‚402 ( Earnings before Interest Expense and Income Taxes ) Net Earnings $2.93B $2‚849 $2‚920 $2‚929 $2‚214 $2‚488 Diluted EPS $4.28 $3.33 $3.30 $4.00 ’10 $5‚252 $5‚322 $4‚673 IN MILLIONS IN MILLIONS ’07 ’08 ’09 ’10 ’11 ’07 ’08 ’09 ’10 ’11 ’07 ’08 ’09 ’10 ’11 IN MILLIONS
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