On January 4,2013,Owen Died and Left Ranch Land with a Value

question 115

Essay

On January 4,2013,Owen died and left ranch land with a value of $300,000 to his brother,Victor.This transfer was purely donative with no expectation of anything in return.Victor transferred all of this land to his corporation,Circle C Ranch,Inc.Victor is the president and an active employee of the corporation.Victor's salary from the corporation is $40,000 per year.The ranch land is located in Torrent County,Texas.The Torrent Appraisal District appraises the property.
From the above facts name six different types of federal,state,or local taxes that might have to be paid and name the entity that is liable to pay them.

---

Definitions:

Genetically Modified Seed

A seed that has been altered using genetic engineering techniques to possess certain traits such as pest resistance or increased nutrient value.

Purchasing Agent

An individual or company responsible for buying goods and services for another entity.

Written Authority

is an officially documented permission granted to an individual or entity to act on behalf of another.

Quantity Specified

The exact amount or number of items detailed in a contract or agreement for sale, purchase, or production.