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Question - Gloria purchased a corporate bond on January 25, 2020 and, on the same day, gave it to her 16-year-old daughter, Jenny. Jenny turned 17 on April 1, 2020. The bond earned interest of $600 and was sold resulting a taxable capital gain of $300 during the year 2020. Which one of the following statements is true?
Neither Jenny nor her mother has to report any interest income or taxable capital gains in 2020.
Jenny must report the entire $600 of interest income and taxable capital gain of $300 in her 2020 personal tax return.
Jenny must report the taxable capital gain of $300 on her 2020 personal tax return and her mother must report the $600 of interest on her 2020 personal tax return.
Gloria must report $600 of interest income and the Taxable capital gain of $300 in her 2020 personal tax return.
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A corporation is considering the purchase of new equipment costing $80,000. The projected annual cash inflow from the purchase of the machine is $4,000 per year and the projected annual cash inflow is $8,000 per year. The equipment has a useful life ..
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