A firm's organizational mission is reflected in its general attitude toward consumers, employees, suppliers, competitors, government, and others

The book value of a firm's equity is determined by:

A) the difference between market values of assets and liabilities. B) multiplying share price at issue by shares outstanding. C) the difference between book values of assets and liabilities. D) multiplying share price by shares outstanding.

Ralph gave his aunt an antique clock during tax year 2017. He had purchased the clock for $16,000 in 2013. The fair market value at the date of the transfer was $22,000. What amount should be recorded on Form 709 as the value of this gift?

A. $16,000 B. $8,000 C. $22,000 D. $2,000