If an individual renders services for a creditor who in consideration thereof cancels his existing debt, the cancellation of indebtedness may amount to a   Gift Donation intervivos Payment of income Capital contribution

Q: Which constitutes a taxable item of gross income? * O Compensation for personal injuries Gain from…

A: Compensation for injuries or sickness, Income exempt under treaty, Gains from redemption of shares…

Q: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled?   amount falling outside…

A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.

Q: Which of the following expenses is deductible from gross income?*         a. Contribution to a…

A: Provisions related to expense allowed to be deducted from Gross income:  Any expense related to…

Q: What is the difference between distributing property per capita and per stirpes?

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: A donor gives a gift to a charity that is to be conveyed to a separate beneficiary. What is the…

A:

Q: Which is subject to donor's tax?*   Merger of usufruct in the owner of the naked title. Delivery of…

A: Donor’s tax is tax imposed on the transfer of property through gifts or donations.  The transfer…

Q: A donation on account of marriage will give a donor a deduction from gross gifts made if: The donee…

A: A donation on account of marriage will give a donor a deduction from gross gifts made. Gift made to…

Q: An NFP organization receives supplies from a donor. At what amount is the donation reported in…

A: A NPF stands for non profit organisation. It runs for the betterment of society rather than earning…

Q: Amounts receivable by the estate of the deceased, his executor or administrator as an insurance…

A: Under section 85(E) of the national internal revenue code, insurance shall be computation of the…

Q: What are the essential differences between social insurance and public assistance programs? Why is…

A: Social insurance program: It is a government sponsored program. They are generally funded through…

Q: How does a voluntary health and welfare organization account for donated goods and cash contributed…

A: Not-for profit organisation is an organisation which have separate legal entity from its members and…

Q: true or false. The relationship between the donor and donee is taken into account in determining the…

A: Solution Donation made between business organization and those made between an individual and…

Q: Which of the following is a charitable lead trust? The income of the trust fund goes to an…

A:

Q: What is the difference between making a gif

A: Donation refers to any form or act of charity or a beneficiary objective done by an entity or an…

Q: Discuss the disadvantages of Supplemental Security Income Program (SSI) and Temporary Finance…

A: Supplemental Security Income Program (SSI): Supplemental Security income, can be simply defined as…

Q: What is the difference between a testamentary trust and an inter vivos trust? Multiple Choice A…

A: Inter vivos (living) trusts is created when an individual is still alive in order to name the…

Q: A charitable trust is used to split assets between surviving spouse and the trust. True or False

A: Charitable Trust The purpose of forming the charitable trust to person wish to set apart his portion…

Q: he proceeds received under a life insurance endowment contract is not considered part of gross…

A: Solution Concept There are certain exemptions laid down by the BIR with respect to the inclusion of…

Q: oceeds are paid out to the beneficiaries, and the IRS later becomes aware that the benefits were…

A: Usually, insurance proceed paid to the beneficiaries are not included in the income of…

Q: A donor gives a gift to a charity that must be conveyed to a separate beneficiary. What is the…

A:

Q: The following are exclusions from gross income, except    Proceeds of life insurance policies.…

A: The income earned by an individual before any deductions and allowances is considered Gross Income.

Q: Define charitable contributions

A: A charitable contribution is a gift given to a non-profit firm of money, products, or assistance to…

Q: Which is an example of a fiduciary fund? Group of answer choices a.) a pension fund, where…

A: Fiduciary fund : A fiduciary fund is a fund which is used in accounting of governments where  1. To…

Q: A client interested in protecting a loved one's elegibility for government benefits, but also…

A: Compensation plan is a plan which helps in providing the benefits and increases the employees…

Q: nterest In nterest E>

A: In this problem the currency is not given.…

Q: Which of the following is a permanent difference? Donations received Interest on savings deposit…

A: Solution: Dividends from a domestic corporation is a permanent difference as certain portion of…

Q: Accountant’s and lawyer’s fees spent during settlement of estate, though non-deductible, are in the…

A: 1.Funeral expenses is incorrect because it is an expense which is not incurred for funeral. 2.…

Q: In computing federal estate taxes, deductions from an estate’s value are allowed for all of the…

A: For the calculation of federal estate tax following items are reduced trot the gross estate:…

Q: Which of the following is a charitable lead trust? Choose the correct.a. The income of the trust…

A: Identify the correct option for the given statement.   Option a: The income of the trust fund goes…

Q: what are some tax rules that might affect a decision to make a charitablec contribution?

A: Charitable contributions are defined as the gifts or donations used for the qualified firms and it…

Q: What are the differences between a devise, a legacy, and a bequest?

A: Will:   A will is a statement made in the lifetime of the person. In his or her will, a person…

Q: A donor gives a gift to a charity that is to be conveyed to a separate beneficiary. What is the…

A:

Q: Select one of choices (estate tax, inheritance tax, and gift tax) for the blank.   ( ) is a tax on…

A: Introduction:- As per U.S. income tax system, taxes levies  based on income as follows under:-…

Q: When are liabilities recognized for the federal Social Security program? Select one: a. When…

A: The Social Security program provides protection against the loss of earnings due to retirement,…

Q: consists of collecting premium from numerous individuals to compensate the few who may suffer…

A: Introduction: Insurance: Insurance is for minimizing the risk. Two parties involved for the contract…

Q: A gift is valued at the date of*   the death of the donor. notarization of the deed of donation.…

A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: a. Indicate whether the following income sources must be included or may be excluded from gross…

A: Solution:- Indication of the following income sources must be included or may be excluded from gross…

Q: Question 5 If an individual performs services for a creditor who in consideration therefor cancels…

A: Creditor is the person to whom payment for goods and services is yet to be made, although goods and…

Q: Which of the followings is included in taxpayer’s gross income (i.e., taxable)?

A: 1. a) Compensatory damage payments received from physical injury by accident caused by other party…

Q: A will is a legal document outlining the plan for one’s: Group of answer choices -goals of the…

A: Will is a legal document which provides a plan for the disposition of the assets of the deceased.

Q: the government and the IRS

A: The term student loan interest deduction refers to a federal income tax deduction that permits…

Q: If you give time at a charitable organization can you deduct your transportation

A: Following expenses are typically tax-deductible for charity purposes: Transportation Expenses: You…

Q: 19. If an individual renders services to a creditor who in consideration thereof cancels the debt,…

A: If debt is cancelled by creditor against the service received by creditor, then the amount is called…

Q: How does a voluntary health and welfare organization account for donated goods and cash contributed…

A: Not for Profit Organization is a form of business in which the motive is not to earn profits but…

Q: Social Security System (SSS) contributions are required from the individuals who are employed in the…

A: Social Security System(SSS) provides death, funeral, maternity leave, permanent disability,…