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- 8T grows beets in her own garden. Although T detests beets, she will be required torecognize income when:a. She harvests her beets.b. She consumes beets that she could have sold for $100.c. She sells beets for $100 to somebody who actually likes them.d. She exchanges $100 worth of beets for $100 worth of spinach grown by herneighbor.e. Both (c) and (d) are correct T (a cash method taxpayer) pays $250,000 for a house to be held as an investment (it isactually worth $300,000).a. In all cases, T would be required to recognize $50,000 as income in the year hebuys the house.b. T will never be required to recognize income until he disposes of the house inan arm’s length sale or exchange.c. If T acquired the house from a person who owes him $50,000 for services rendered,T would be required to recognize $50,000 as income in the year he buysit.d. (c) would be the correct answer only if T accepts the house in satisfaction of thedebt owed to him for services rendered.e. None of the above.Ma 1. Amanda is in her 70s, is in good health, and lives in a large house in a rural area. Amanda asks Bridget, the granddaughter of a close friend, to live in the house with her. Amanda does not need nursing care, but wants someone for companionship and to help with housework and repairs. Amanda promises to transfer the house to Bridget if she will live with her for five years. Bridget does so and continues to work full-time in a nearby town. Amanda transfers title in the house to Bridget. What are the gift tax consequences, if any, to Amanda?
- In determining whether a relative can be claimed as a dependent, which one of the following is not included in determining the amount of support given to a dependent? Amounts spent on food Amounts spent for ballet lessons and soccer uniforms Amount spent for a trip to Europe over the summer University scholarships for academic excellenceIf you give time at a charitable organization can you deduct your transportation?ANSWER AND RESOLVE THIS PROBLEM AND ANSWER SHOULD BEGIN WITH A CLEAR CONCLUSION THEN FOLLOWED BY BRIEF DISCUSSIONS. A, B, C, X and Y are senior graduating Accountancy students in Far Southern University. Due to restrictions brought about by worsening COVID-19 pandemic, they have been staying at their common place in the province of Batanes. Among the four who are childhood friends since birth, only C is acquainted to X. While studying online to pursue their degree, they want to accomplish something else on the side. By way of a backgrounder, A had inherited from his departed parents 1 hectare of bare agricultural land. He wants to engage in an enterprise that will make his land productive. B is an independent self-sustaining seasonal farmer who owns 5 heads of young cattle and he wants to create an entity that will help him maximize the potential of what he has. C is a philanthropist at heart who is willing to help his town folks by providing them alternative sources of living…
- I have completed the problem at below but am not too satisfied with my rationales. I'd like to have some guidence here in order to get the correct answers. Would you please help. Thanks much! David K. Gibbs, age 37 and his wife Barbara, age 33, have two children Chris and Ellen, ages 4 and 12. David is employed as an engineer for an oil company, and his wife recently completed a degree in accounting and will begin working for a public accounting firm next year. David has compiled the following information for his 2018 tax return. For the current year, David received a salary of $170,000. His employer withheld Federal income taxes of $9,000 and the appropriate amount of FICA taxes. At the annual Christmas party, he received a card indicating that he would receive a bonus of $3,000 for his good work during the year. The bonus check was placed in his mailbox at work on December 30. Since David was out of town for the holidays, he did not pick up the bonus check until…Please explain proper steps by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In AdvancePlease Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please & Thanks In Advance ?
- Hamza is a student of UTAS -Nizwa in the foundation program. He is actively searching for a job but fails to following statement is TRUE for Hamza ? O a . Hamza is considered as employed Hamza is considered as unemployed Hamza is not counted in the labor force Od Hamza is out of the labor force Clear my choiceHi I need help, it says my answer is wrong but I read over and over and over. Please helpLook at Ex.5 and ask questions as the examples: Does Henry have good friends?- Yes , he does.