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Kirima Moved to Germany with Her Parents and Little Brother

question 40

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Kirima moved to Germany with her parents and little brother Leif when she was 13 and Leif was 4.Ten years later,both Kirima and Leif speak German and English,but Leif is more fluent with German than is Kirima and he has no accent in either language.This


Definitions:

Tax Liability

The total amount of tax owed to the government by an individual, corporation, or other entity within a given tax period.

Corporation

A legal entity that is separate and distinct from its owners, who are shareholders; it has rights, privileges, and liabilities independent of them.

FMV

Fair Market Value, the price that property would sell for on the open market.

Basis

The amount of investment in property for tax purposes; used to determine the gain or loss on the sale, exchange, or disposal of the property.

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