12. Jeremy meets with his tax advisor to discuss the tax consequences of some income his 16-year-old son received. the advisor explains that under the uniform gifts act or uniform transfers to minors act, income derived from property received as a gift would be treated as:

12. Jeremy meets with his tax advisor to discuss the tax consequences of some income his 16-year-old son received. the advisor explains that under the uniform gifts act or uniform transfers to minors act, income derived from property received as a gift would be treated as:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

12. Jeremy meets with his tax advisor to
discuss the tax consequences of some income
his 16-year-old son received. the advisor
explains that under the uniform gifts act or
uniform transfers to minors act, income
derived from property received as a gift
would be treated as:
A. taxable income to the minor's parents.
B. the same as wages.
C. a salary.
D. investment income.

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