INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 8

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-You could give any number of people [$13,000 | $25,000] per year without having to pay any gift taxes.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Articles of Incorporation

Official papers submitted to a governmental authority to officially register the formation of a company.

Assets Obligations

Duties or debts that an individual or entity is required to fulfill based on ownership of assets.

Merger

The combination of two or more companies into one, where one survives and the others cease to exist.

Creditors

Individuals or institutions that are owed money by debtors or borrowers.