All About Animals has two product lines: Cat food and Dog food. Contribution margin income statement data for the most recent year follow: Total Cat Food Dog Food Sales revenue $415,000 $330,000 $85,000 Variable expenses $61,000 $21,000 $40,000
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Ralph gives his daughter, angela, stock (basis of $8,000; fair market value of $6,000). no gift tax results. if angela subsequently sells the stock for $10,000, what is her recognized gain or loss? a. $10,000 b. $4,000 c. $0 d. $2,000 e.
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