Tom and Lisa transfer their mutual funds and their stock portfolio to the FLP. The value of assets transferred to the FLP is $1,000,000. They each have a 1% general partnership interest and 49% limited partnership interest. A valuation expert has indicated that they can take a 25% discount for lack of marketability and minority interests. If Tom and Lisa each gift their entire limited partnership interest to their four sons, what is the total value of the taxable gifts that Tom and Lisa have made

Garrett is an executive vice president at samm hardware. he researches a proposal by a larger company, maximum hardware, to combine the two companies. by analyzing past performance, conducting focus groups, and interviewing maximum employees, garrett concludes that maximum has poor profit margins, sells shoddy merchandise, and treats customers poorly. what actions should garrett and samm hardware take? a. turn down the acquisition offer and prepare to resist a hostile takeover. b. attempt a friendly merger and use managerial hubris to improve results at maximum. c. welcome the acquisition and use knowledge transfer to impart sam hardware's management practices. d. do nothing; the two companies cannot combine without samm hardware's explicit consent.