Mark and His Brother,Rick,each Own Farms

question 27

Multiple Choice

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.

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Definitions:

Eye Contact

The act of looking directly into another person's eyes, often used as a means of communication and indication of attention or interest.

Non-Western

Pertaining to countries or cultures outside the Western world, often focusing on Asia, Africa, the Middle East, and indigenous cultures.

Thin Slices

Brief excerpts of expressive behavior that are used to make judgments about individuals' personality or behavior.

Self-Esteem

How you feel about your sense of self.