2. The more complete the transfer, the more likely tax goals will be accomplished.

5. Larry just completed signing all the documents and transferring stocks and bonds worth $400,000 in trust to Martin. The irrevocable trust terms require the income to be accumulated or distributed to John and Jane in such portion as Martin thinks reasonable. When both John and Jane are deceased the trust is to terminate and the assets distributed to Wally. Wally's right to receive the assets upon termination make him the:

9. In UPC states an omitted child who is born after his or her parent's will was executed has better claim to a portion of the decedent's estate than an omitted child who was alive when it was executed.

10. In states that have adopted the UPC, a divorce automatically revokes an insurance beneficiary designation to the ex-spouse when such designation was made prior to the divorce.

11. Carl had four children, Martha, Terry, Ann, and Rick. Martha and Rick predeceased Carl. Martha has one child surviving. Rick has five surviving children. Terry has two surviving children and Ann has one surviving child. There are no great-grandchildren. If Carl's estate is left per capita at each generation to his issue, each of Rick's children will receive what fraction of Carl's estate?

12. Some community property states, such as California, allow property owned by the decedent to pass to a surviving spouse without being probated.

13. States adopting the UPC require a per capita at each generation distribution rather than per stirpes where there are issue surviving but no spouse.

14. For the all gift tax problems use the following annual exclusions: $10,000 for pre-2002; $11,000 for 2002 - 2005; $12,000 for 2006-2008. At the time these problems are written it is uncertain whether the exclusion will reach $12,000 in 2006 or 2007 but the guess is in 2006.

In 2005, Juantonio made a $1,250,000 gift ($1,240,000 taxable) to his brother and paid gift taxes of $. Two years later (2007) he gave his parents a home worth $754,000. Determine the gift tax for 2007:

15. For transfer taxes, a credit of $1 and a deduction of $1 imply the same tax saving.

16. For the all gift tax problems use the following annual exclusions: $10,000 for pre-2002; $11,000 for 2002 - 2005; $12,000 for 2006-2008. At the time these problems are written it is uncertain whether the exclusion will reach $12,000 in 2006 or 2007 but the guess is in 2006.

Maria died in 2006 leaving her entire estate to her three children. The value of her property was $3,340,000. The total debts and expenses deducted on the estate tax return were $220,000. The estate tax is:

17. In 2007, the estate tax for a taxable estate of $2,010,000 (with no prior taxable gifts) is $1,800, because subtracting the $2,000,000 applicable exclusion amount leaves just $10,000 subject to taxation at the marginal tax rate of 18 percent.

18. D transferred a term life insurance policy (on his own life) to the trustee of an irrevocable life insurance trust two years before he died. D had neither retained interests nor any power to appoint the corpus of the trust. The policy was worth only $100 when he transferred it. The trustee collected $7,000 when D died.

Select the letter corresponding to the IRC section which causes all or a portion of the property, or of the gift tax paid, to be included in the decedent's gross estate. If both 2035(a) and 2036 &/or 2038 apply select 2035(a). Note, IRC 2036 &/or 2038 are listed together because they often overlap.
(1)IRC section 2035(a) which requires inclusion of certain transfers made within three years of death.
(2)IRC section 2035(b) which requires grossing up of certain gift taxes.
(3)IRC section 2036 which requires inclusion of transfers with retained life estate, etc. or IRC section 2038 which requires inclusion of revocable transfers, etc.
(4)IRC section 2041 which requires inclusion of property over which one has a general power of appointment.
(5)None of the above apply and the property is not part of the decedent's gross estate.

19. Tara transferred stock to her minor daughter using the state's Uniform Transfer to Minor's Act provisions to complete the gift. Six years later, while still acting as custodian of the gift, Tara died.

Select the letter corresponding to the IRC section which causes all or a portion of the property, or of the gift tax paid, to be included in the decedent's gross estate. If both 2035(a) and 2036 &/or 2038 apply select 2035(a). Note, IRC 2036 &/or 2038 are listed together because they often overlap.
(1)IRC section 2035(a) which requires inclusion of certain transfers made within three years of death.
(2)IRC section 2035(b) which requires grossing up of certain gift taxes.
(3)IRC section 2036 which requires inclusion of transfers with retained life estate, etc. or IRC section 2038 which requires inclusion of revocable transfers, etc.
(4)IRC section 2041 which requires inclusion of property over which one has a general power of appointment.
(5)None of the above apply and the property is not part of the decedent's gross estate.

20. Just eight months before he died, D transferred land with a small house on it to X. It was worth a little over $2 million at the time and D paid the $435,000 in gift taxes. Toxic waste was discovered on the land shortly before D died so it was valued at just $500,000 at the time of D's death.

Select the letter corresponding to the IRC section which causes all or a portion of the property, or of the gift tax paid, to be included in the decedent's gross estate. If both 2035(a) and 2036 &/or 2038 apply select 2035(a). Note, IRC 2036 &/or 2038 are listed together because they often overlap.
(1)IRC section 2035(a) which requires inclusion of certain transfers made within three years of death.
(2)IRC section 2035(b) which requires grossing up of certain gift taxes.
(3)IRC section 2036 which requires inclusion of transfers with retained life estate, etc. or IRC section 2038 which requires inclusion of revocable transfers, etc.
(4)IRC section 2041 which requires inclusion of property over which one has a general power of appointment.
(5)None of the above apply and the property is not part of the decedent's gross estate.

21. Ila transferred separate property term insurance policy on her life to the independent trustee of an irrevocable life insurance trust. The terms of the trust create a life estate for Ila's husband and remainder to their children. The policy had a face (proceeds) amount of $200,000. Ila continued to pay the premiums on the policy and died five years after the transfer. All, or a portion, of the proceeds are in Ila's estate because:

Select the letter corresponding to the IRC section which causes all or a portion of the property, or of the gift tax paid, to be included in the decedent's gross estate. If both 2035(a) and 2036 &/or 2038 apply select 2035(a). Note, IRC 2036 &/or 2038 are listed together because they often overlap.
(1)IRC section 2035(a) which requires inclusion of certain transfers made within three years of death.
(2)IRC section 2035(b) which requires grossing up of certain gift taxes.
(3)IRC section 2036 which requires inclusion of transfers with retained life estate, etc. or IRC section 2038 which requires inclusion of revocable transfers, etc.
(4)IRC section 2041 which requires inclusion of property over which one has a general power of appointment.
(5)None of the above apply and the property is not part of the decedent's gross estate.

22. A taxable gift of life insurance will arise at the insured's death whenever the insured, the owner, and the beneficiary are three different parties.

23. A commercial annuity contract purchased by Don and given to his niece, Bernice, is a gift partly of a present interest and partly of a future interest because payments are spread out over a period of years.

24. On January 1, 2006, Bell died. His will left "$120,000 to Sara Smith, but if she predeceases me, then to her issue by right of representation." On June 10, 2006, Sara wrote Bell's executor the following note, "I don't need Bell's money, give it my kids, Kevin, Diane, and David. Signed, Sara Smith" Kevin, Diane, and David are Sara's only children. Which of the following are true statements?

(1)If Sara had waited more than nine months after Bell's death, the law will not allow her to give up her right to the inheritance.
(2)Sara has made a taxable gift of $40,000 to each child, no annual exclusion is allowed, because the probate must close before the children get the money.
(3)Sara has made a taxable gift of $30,000 to each child, their interests vest immediately, hence an annual exclusion.
(4)The disclaimer is tax effective even though it directs the transfer, since the children are next in line anyway according to Bell's will.

25. In 2007, Max gave each to his three children property worth $130,000 ($390,000 total). His wife, Mindy, gave $6,000 of her own property to one of the children. Assuming gift splitting, and no other gifts, Max's gift tax return will report taxable gifts of

Reflector Glass Company prepared the following static budget for the​ year:

If a flexible budget is prepared at a volume of

8 comma 9008,900

​units, calculate the amount of operating income. The production level is within the relevant range.

A.

$ 4 comma 000$4,000

B.

$ 17 comma 000$17,000

C.

$ 13 comma 350$13,350

D.

$ 27 comma 150$27,150

Suppose that nominal GDP was $9750000.00 in 2005 in Fairfax County Virginia. In 2015, nominal GDP was $11000000.00 in Fairfax County Virginia. The price level rose 1.00% between 2005 and 2015, and population growth was 3.25%. Calculate the following figures for Fairfax County Virginia between 2005 and 2015. Give all answers to two decimals.

i have a few of the parts but some i cant figure out, i need the three bolded ones please.

a. Nominal GDP growth=12.8

b. Economic growth was ?%

c. inflation=1%

d. Real GDP growth=11.8%
e. Per capita GDP growth= ?%

f. Real per capita GDP growth: ?%

Question 1:

The response time in milliseconds was determined for three different types of circuits in an electronic calculator. The results are recorded here.

1. Using α = 0.05, test the hypothesis that the three circuit types have the same response time. What is the p-value?
2. Analyze the residuals from this experiment.
3. If there is a significant difference, perform a Tukey test.

Question 2:

An article in Environmental International describes an experiment in which the amount of radon released in showers was investigated. Radon-enriched water was used in the experiment, and six different orifice diameters were tested in showerheads. The data from the experiment are shown in the following table.

1. Does the size of the orifice affect the mean percentage of radon released? What is the p-value? Use α = 0.05.
2. Analyze the residuals from this experiment.
3. If there is a significant difference, perform a Tukey test.

Question 3:

In “Orthogonal Design for Process Optimization and Its Application to Plasma Etching”, an experiment is described to determine the effect of flow rate on the uniformity of the etch on a silicon wafer used in integrated circuit manufacturing. Three flow rates are used in the experiment, and the resulting uniformity (in percent) for six replicates is shown below.

1. Does flow rate affect etch uniformity? Use α = 0.05.
2. Do the residuals indicate any problems with the underlying assumptions?
3. Use the Kruskal-Wallis procedure with α = 0.05 to test for differences between mean uniformity at the three different flow rates.

Question 4:

Suppose that five normal populations have common variance σ² = 100 and means μ₁ = 175, μ₂ = 190, μ₃ = 160, μ₄ = 200, and μ₅ = 215. How many observations per population must be taken so that the probability of rejecting the hypothesis of equality of means is at least 0.95? Use α = 0.05.

Fixzit had issued 7,200 convertible bonds at 121 on January 1, 2016. The $1,000 par value bonds carried an interest rate of 7% and had a 10-year term. Interest was to be paid by the company on June 30 and December 31. Attached with each bond were twenty detachable warrants, also issued.

Each warrant entitled the holder to purchase one share from Fixzit at a price of $54. Further, each bond was convertible, at the option of the holder, into 32 common shares. The underwriter informed the company that the bonds alone, excluding warrants and conversion rights, could be issued in the market at a 6.5% premium. Similar warrants were being traded at a market value of $4 each at the date of issue. You have been asked to view this situation on the assumption that the company uses ASPE for its accounts and amortizes the bonds using straight line.

REQUIRED:

1. a] Prepare the appropriate journal entry to record the issue of these bonds without crediting the full amount received to liability (residual equity method).

2. b] Prepare an appropriate journal entry to record the interest expense on December 31, 2016.

3. c] On July 1, 2018, 65% of the warrants outstanding were exercised by the warrant holders. The company’s shares were being traded in the market at a price of $62 each on that day. Prepare an appropriate journal entry to record this transaction.

4. d] On July 1, 2019, 60% of the bondholders submitted their respective bonds for conversion. The company’s shares were being traded at $68 on that day. The company had duly recorded and paid off all interest accrued and due on the bonds up to June 30, 2019. Prepare the appropriate journal entry, using the book value method, to record the conversion of the bonds.

5. e] How many shares would have been issued from the bond conversion of July 1, 2019?

P5-1B Krey Distributing Company completed these merchandising transactions in the month of April. At the beginning of April, the ledger of Krey showed Cash of $10,000 and Common Stock of $10,000. Apr. 2 Purchased merchandise on account from Am-Bev Co. $8,700, terms 2/10, n/30. 4 Sold merchandise on account $6,000, terms 2/10, n/30. The cost of the merchandise sold was $3,700. 5 Paid $200 freight on April 4 sale. 6 Received credit from Am-Bev Co. for merchandise returned $400. 11 Paid Am-Bev Co. in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash $4,700. 16 Received refund from supplier for returned merchandise on cash purchase of April 14, $500. 18 Purchased merchandise from Lohr Distributors $5,500, terms 2/10, n/30. 20 Paid freight on April 18 purchase $180. 23 Sold merchandise for cash $8,300. The cost of the merchandise sold was $5,580. 26 Purchased merchandise for cash $2,300. 27 Paid Lohr Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $180. The returned merchandise had a cost of $120. 30 Sold merchandise on account $3,980, terms n/30. The cost of the merchandise sold was $2,500. Krey Distributing Company’s chart of accounts includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Sales Discounts, Cost of Goods Sold, and Freight-Out. Instructions (a) Journalize the transactions. (b) Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances. (c) Prepare the income statement through gross profit for the month of April 2014. (d) Calculate the profit margin and the gross profit rate. (Assume operating expenses were $3,000.)

QUESTION 4 [27 marks] Suppose the following quarterly earnings (in N$ millions) have been recorded by Namibia breweries company for the years 2007 to 2010. Year Quarter 2007 2008 2009 2010 1 52 57 60 66 2 67 90 77 82 3 27 75 84 98 4 45 71 63 76 4.1 Compute the 4-period centred moving average for the quarterly sales. [4] 4.2 Compute the seasonal indexes for these quarterly earnings. [10] 4.3 Use the method of least squares from regression analysis to determine the trend line of best fit. Use the zero-sum method for coding. [10] 4.4 Using the trend line you produced in 4.3, estimate the trend value of the time series for Quarter 3 in 2014. [3]

To test whether the mean time needed to mix a batch of material is the same for machines produced by three manufacturers, a chemical company obtained the following data on the time (in minutes) needed to mix the material.

Find the value of the test statistic. (Round your answer to two decimal places.)

_________.

Find the p-value. (Round your answer to three decimal places.)

p-value = ______.

At the α = 0.05 level of significance, use Fisher's LSD procedure to test for the equality of the means for manufacturers 1 and 3.

Find the value of LSD. (Round your answer to two decimal places.)

LSD = _________.

Find the pairwise absolute difference between sample means for manufacturers 1 and 3.

  [x₁ − x₃]=________.