Today, corporations are choosing to make smaller gifts to more causes, spreading their money widely across program areas
Indicate whether the statement is true or false
FALSE
Business
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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
Business
Self-liquidating loans are often
a. unavailable b. tied to life insurance c. provided by family members d. unsecured
Business