Anna and Jim have been married a long time and recently met…

Anna and Jim have been married a long time and recently met with an estate planning attorney to get their Last Will and Testament drafted. They have the same idea of how their estate should be managed and want the same result upon each of their deaths –leave everything in trust for benefit of the surviving spouse, after which they will make some specific bequests of personal property, and then the residual of the estate will go to their favorite charity, the local animal shelter. This will is an example of which of the following:

UBER Technologies earned $900 million of pretax accounting i…

UBER Technologies earned $900 million of pretax accounting income for the year 2024. For the same period, UBER reported taxable income of $765 million. The company’s income tax rate is 25%. What is Income Tax Payable for the year 2024 (rounded, in millions)?    

Jeremiah has been making contributions into an IRA for his r…

Jeremiah has been making contributions into an IRA for his retirement. His contributions are not tax-deductible, but his earnings accumulate tax free and he can withdraw principal prior to age 59 ½ after having the account opened at least five years. What type of account does Jeremiah have?