(CR) Rather than using the budget outlined above for James, assume that he has the same budget, but without the credit card and car loan debts. In this scenario, James paid cash for an inexpensive used car and furnished his apartment with used furniture. He has three main financial goals now that he is earning his first career income. Add into his budget a sinking fund for a newer used car that he plans to purchase one year from now. James also has a goal of investing a full 15% of his income for retirement (instead of just 4% of his income). The third thing he wants to do is begin saving for a down payment on his first house. Consider: How much extra money does James have to put toward his financial goals now that he is not making payments on past purchases?

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u. s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.

Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?

On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.