A husband and wife agree to split monetary gifts to their relatives. The husband gives his daughter $24,500, and the wife gives her niece $21,000. The annual exclusion is $14,000. What amount is the taxable gift for the husband and wife?

A firm begins the year with a Book Value of $10 million. During the year it generates $5 million in net profits. It paid $1 million in interest on its bank loan. It decides to pay $3 million in dividends. What is its new Book Value at the start of next year?

a) $11 million b) $12 million c) $15 million d) $16 million

Licensing is a contractual arrangement whereby one company makes an asset available to another company in exchange for some form of compensation

Indicate whether the statement is true or false