Mrs. Reid made a gift to her 19-year-old daughter Susan. Mrs. Reid's marginal tax rate...
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Accounting
Mrs Reid made a gift to her yearold daughter Susan. Mrs Reid's marginal tax rate is and Susan's marginal tax rate is Which of the following statements is true?
Multiple Choice
The gift consisted of a corporate bond that paid $ interest to Susan this year. Even though Susan is the owner of the bond, Mrs Reid must include the $ in her taxable income.
The gift consisted of a $ rent check written by tenants who lease a duplex owned by Mrs Reid. Even though Susan cashed the check, Mrs Reid must include the $ in her taxable income.
The gift consisted of a lottery ticket. Six weeks after the gift, the ticket was drawn as a winner. Even though Susan received the $ taxable prize because she was the rightful owner of the ticket, Mrs Reid
must include $ in her taxable income.
None of these choices are true.
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