Indicate whether each of the following statements is true or false, and provide a brief explanation why.

Joelle consumes food and clothing. For incomes near her current income, her income expansion path is negatively sloped. Indicate whether each of the following statements is true or false, and provide a brief explanation why. (You may want to use a graph in formulating your explanation.)

 

a. At current income levels, food must be an inferior good. b. At current income levels, clothing must be an inferior good. c. At current income levels, food and clothing must be inferior goods. d. At current income levels, either food or clothing must be an inferior good.

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Determine the trust’s Net Income For Tax Purposes and Taxable Income for the current year.

During the current year, the Jordan family trust, an inter vivos trust, has business income of $220,000. Of this amount, $50,000 is retained in the trust with a joint election….

Indicate the tax effects of these transactions on the Net Income For Tax Purposes for both the trust and for Bryan.

During 2020, the Ho family trust received eligible dividends from publicly traded Canadian corporations in the amount of $100,000. In addition, it received non-eligible dividends from the family owned Canadian….

compare the tax consequences for both Martin and the trust if the sale takes place in December 2020

The Husak family trust has only one beneficiary, Martin Husak, the 32 year old son of the settlor, Dimitri Husak. It is an inter vivos trust and its only asset….