You give $2.1 million to your college in an irrevocable trust with the stipulation that you receive the earnings from the gift. You are guaranteed an 8% return on your investment. a. What would be the income from your gift? (Enter your answer in dollars, not millions of dollars.) Annual income $ b. How much of your gift would be a tax deduction? (Enter your answer in dollars, not millions of dollars.) Tax deduction $
You give $2.1 million to your college in an irrevocable trust with the stipulation that you receive the earnings from the gift. You are guaranteed an 8% return on your investment. a. What would be the income from your gift? (Enter your answer in dollars, not millions of dollars.) Annual income $ b. How much of your gift would be a tax deduction? (Enter your answer in dollars, not millions of dollars.) Tax deduction $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You give $2.1 million to your college in an irrevocable trust with the stipulation that you receive the earnings from the gift. You are guaranteed an 8%
a. What would be the income from your gift? (Enter your answer in dollars, not millions of dollars.)
Annual income $
b. How much of your gift would be a tax deduction? (Enter your answer in dollars, not millions of dollars.)
Tax deduction $
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