Marcus, a resident of Texas, has found the ideal gift for his wife in celebration...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Marcus, a resident of Texas, has found the ideal gift for his wife in celebration of their upcoming wedding anniversary a $22,000 diamond tennis bracelet. However, Marcus is appalled at the prospect of paying the state and local tax of $1,815 (c0mbined rate of 8.25 percent). He, therefore, asks his aunt, a resident of Montana, to purchase the bracelet. The jewelry store lists the aunt as the buyer and ships the bracelet to her. Prior to the anniversary, Marcus receives the bracelet from his aunt. Is Marcus able to save $1,815 on the present for his wife? What can go wrong?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
