Mark and his brother, rick, each own farms. rick is experiencing severe financial difficulties and cannot afford to buy feed for his cattle. mark purchases $2,000 of feed and gives rick one-half of the feed. mark tells rick that there is no need to repay him and to consider the feed a gift. which of the following statements is true? a) mark can deduct $2,000 for the feed. b) mark can deduct $1,000 for the feed. c) rick must report $1,000 as income. d) none of the above is true.

B) Mark can deduct $1,000 for the feed.

Explanation:

Gifts upto a certain amount of money are not required to be reported so Rick shouldn´t report that gift nor pay taxes for it, but in the case of mark he could deduct the $1,000 for the gift of the feed to his brother, there are certain documents that need to be handled and shared but Mark cna deduct the $1000 that he gave to Rick from his taxes.

the first one $24,630

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi