16th Amendment Question 16 2 pts Bubba owns Bubba's Big Burritos (BBB) and works there...
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16th Amendment Question 16 2 pts Bubba owns Bubba's Big Burritos (BBB) and works there every day as well. BBB is an Scorporation and Bubba receives a W-2 and a K-1 every year. This year, Bubba sold the business to another company, Massive Mexican Meals. What type of income does Bubba have as a result of BBB this year? Portfolio income only. Active or Ordinary income only. Both portfolio and active income. Neither portfolio or active income. Question 17 2 pts Which, if any, of the following statements is (are) correct? (1.) The value of a gift for gift tax purposes is equal to the fair market value of the gifted property on the date of the gift or date of death. (2.) The value of a publicly traded security for estates and gift tax purposes is equal to the average of the high and low trading price on the date of the gift or date of death
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