Vista camera services started the year with total assets of $ 130 comma 000 and total liabilities of $ 60 comma 000 . the revenues and the expenses for the year amounted to $ 100 comma 000 and $ 60 comma 000 , respectively. during the year, the owner did not make any additional contributions, but made withdrawals of $ 40 comma 000 . what is the amount of owner's equity at the end of the year?

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.