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 $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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% 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 $   

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