Andrew and Brianna Are Married and Live in Texas, a Community-Property

question 94

Multiple Choice

Andrew and Brianna are married and live in Texas, a community-property state. For their birthdays this year Andrew gave cash gifts of $20,000 to each of his two daughters, and Brianna gave $34,000 to her niece. What is the amount of Andrew's taxable gifts?

• A)$2,000.
• B)$10,000.
• C)$25,000.
• D)zero only if Andrew and Brianna elect to split gifts.
• E)None of the choices are correct.

Identify financial strategies to improve liquidity and financial stability.

Evaluate company performance using inventory and accounts receivable turnover ratios.

Understand the implications of long-term versus short-term financing options on financial ratios.

Calculate and interpret the inventory turnover rate and understand its implications for business operations.

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Definitions:

Weighed

Considered carefully by comparing the relative importance or consequences of different factors or options.

Reliable Information

Data or facts that are accurate, trustworthy, and dependable, contributing effectively to decision-making or knowledge.

Cope with Risk

The process of managing potential threats and uncertainties to minimize their impact on objectives.

Single Manager

An organizational structure where a single individual is responsible for making decisions and managing operations within a department or organization.