Steve and Kay Briar, U.S. citizens, were married for the entire calendar year. During the year, Steve gave a $30,000 cash gift to his sister. The Briars made no other gifts in the year. They each signed a timely election to treat the $30,000 gift as made one-half by each spouse. Disregarding the unified credit and estate tax consequences, what amount of the current year gift is taxable to the Briars?
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .In general, an enterprise preparing interim financial statements should:
A Defer recognition of seasonal revenue. B Use the same accounting principles followed in preparing its latest annual financial statements. C Disregard permanent decreases in the market value of its inventory. D Allocate revenues and expenses evenly over the quarters, regardless of when they actuall...
2 .Gulde's tax basis in Chyme Partnership was $26,000 at the time Gulde received a liquidating distribution of $12,000 cash and land with an adjusted basis to Chyme of $10,000 and a fair market value of $30,000. Chyme did not have unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. What was the amount of Gulde's basis in the land?
A $14,000 B $30,000 C $0 D $10,000
3 .An enterprise must separately report information about an operating segment when the segment's revenue meets what minimum percentage of the combined revenue of all reported operating segments?
A 50% B 20% C 5% D 10%
4 .John and Jane Dorian currently operate a very successful business selling pet supplies. Their CPA has advised them to consider forming an LL Which of the following would be a reason to select the LLC form?
A The Dorians expect to have an initial public offering (IPO) of common stock in the next year. B The Dorians' LLC would be considered a disregarded entity for federal income tax purposes. C An LLC does not have “double taxation” if taxed as a partnership. D Members of an LLC do not have the rig...
5 .A company that is a large accelerated filer must file its Form 10-Q with the United States Securities and Exchange Commission within how many days after the end of the period?
A 60 days B 30 days C 45 days D 40 days
7 .Miller Co. incurred the following computer software costs for the development and sale of software programs during the current year:Planning costs$50,000Design of the software150,000Substantial testing of the project’s initial stages75,000Production and packaging costs for the first month'ssales500,000Costs of producing product masters after technologyfeasibility was established200,000The project was not under any contractual arrangement when these expenditures were incurred. What amount should Miller report as research and development expense for the current year under U.S. GAAP?
A $975,000 B $500,000 C $275,000 D $200,000
8 .On January 2, Year 1, Paye Co. purchased Shef Co. at a cost that resulted in recognition of goodwill of $200,000. During the first quarter of Year 1, Paye spent an additional $80,000 on expenditures designed to maintain goodwill. In its December 31, Year 1, balance sheet what amount should Paye report as goodwill?
A $280,000 B $200,000 C $180,000 D $252,000
9 .Compared to the accrual basis of accounting, the cash basis of accounting understates income by the net decrease during the accounting period of:
A Accounts Receivable: Yes; Accrued Expenses: Yes B Accounts Receivable: No; Accrued Expenses: Yes C Accounts Receivable: Yes; Accrued Expenses: No D Accounts Receivable: No; Accrued Expenses: No
10 .The premium on a three-year insurance policy expiring on December 31, Year 3 was paid in total on January 2, Year 1. If the company has a six-month operating cycle, then on December 31, Year 1, the prepaid insurance reported as a current asset would be for:
A 18 months B 6 months C 12 months D 24 months
