Car Dealer sells Customer a car listed at $35,000 for $23,000. a. Has Car Dealer made a gift? If so, what is the amount of the gift? b. What are the gift tax consequences if Car Dealer is Customer's parent?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Q16.

 

Car Dealer sells Customer a car
listed at $35,000 for $23,000.
a. Has Car Dealer made a gift? If
so, what is the amount of the gift?
b. What are the gift tax
consequences if Car Dealer is
Customer's parent?
Transcribed Image Text:Car Dealer sells Customer a car listed at $35,000 for $23,000. a. Has Car Dealer made a gift? If so, what is the amount of the gift? b. What are the gift tax consequences if Car Dealer is Customer's parent?
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