What would be the tax consequence to mustapha

Assignment Help Financial Accounting
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?

Reference no: EM132873177

Questions Cloud

Display required journal entries for year including year-end : The grills were delivered and installed on June 30, 2018. Please display required journal entries for the 2018 year, including year-end, if necessary.
What is inventoried cost per box using absorption costing : Production is 100,000 parts per year. This year, 75,000 boxes were sold. What is the inventoried cost per box using absorption costing
Make an October statement of retained earnings for Ernst : The owner contributed $84,470 in assets in exchange for its common stock to launch the business. Make an October statement of retained earnings for Ernst
What was the effect of the repurchase on stockholders equity : Midway Sports Inc., What was the effect of the repurchase on Stockholders Equity and the Earnings per share at the end of the year?
What would be the tax consequence to mustapha : If Shamile placed it in a fix deposit account at 6%, what would be the tax consequence to Mustapha? What would be the tax consequence to Shamile?
Compute the data for Skysong Company : Compute the following data for Skysong Company under the FIFO and the LIFO inventory method for 2020-2022 (Enter amounts in thousands
What would be the tax consequence to bibi : If Bibi placed it in a fix deposit account at 6%, what would be the tax consequence to Mustapha? What would be the tax consequence to Bibi?
What is depreciation expense for the asset in third year : What is the depreciation expense for the asset in the 3rd year using Straight-Line Depreciation Method and Declining Balance Method.
What is the meaning of cultural competence : What is the meaning of cultural competence and the role it plays in organizational behavior?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd