Determine the tax consequences, Accounting Basics

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Determine the tax consequences

Your client, Lotta Bucks, came to your office on Feb 1, 2012 and said that she had loaned her daughter, Meg A. Bucks, $80,000 on an interest free demand note. The lan was mad on Jan 1, 2011 and the applicable federal rate was 3.5% for the entire year. Meg invested the money and earned $2500 in the year (she has no other net investment income for 2011)

What are the tax consequences to both Lotta and Meg(show the 4 portions of the deemed transaction along with the imputed amounts) for 2011?

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Accounting Basics: Determine the tax consequences

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Accounting Basics: Determine the tax consequences

Reference No:- TGS058875

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Recent Questions Asked Accounting Basics

Q : Various stages of the business cycle

Q : How many units must the company sell next year

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Q : Explain the firm-s long run total-marginal cost curves

Q : Determine the tax consequences

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Accounting Basics: Determine the tax consequences

Reference No:- TGS058875

Recent Questions Asked Accounting Basics

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Q : How many units must the company sell next year

Q : How much of the passive loss may white corporation deduct

Q : Explain the firm-s long run total-marginal cost curves

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Q : Fourth amendment work in the workplace

Q : At what output level is marginal cost minimized

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