Reference no: EM132873177
How would your answers have changed in all of the above situations if Mustapha had instead sent the funds/shares to Bibi's mother Shamile (Mustapha's wife?)
Question 1: If Shamile placed it in a fix deposit account at 6%, what would be the tax consequence to Mustapha?
Question 2: What would be the tax consequence to Shamile?
Question 3: How much interest would be attributed to each of them?
Question 4: What would happen if Mustapha had gifted the $ 25,000 instead of simply wiring the money?
Question 5: What if instead of wiring the money, it was shares of GameShop worth $ 25,000 that Mustapha had purchased for $ 3,000, 5 years ago?
Question 6: What would have happened tax wise to Mustapha and Shamile if two years after receiving the shares, Shamile decided she needed to access the entire amount and sold all her shares in GameStop for $ 30,000?
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