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Revenue

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Q: My mom recently passed away. She was 91. We sold her condo this year while she was still alive. We put the proceeds from the sale in an account, which I held with her jointly, with rights of survivorship. I have had this arrangement with her for some 20 years. The account was exclusively for her benefit. All of her known bills are paid. I held a power of attorney for financial matters for her while she was alive.

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Q: My wife’s father is close to death and he has moved all of his investments into his bank in the form of cash. He said that was done to help my wife and her brother avoid probate on those instruments. It’s not a lot of money (approximately $250,000), but since I will be doing his taxes for 2022 I’m wondering whether I will have to pay taxes on that cash. Also, will my wife and brother-in-law owe a federal gift tax on amounts over $14,000?

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Q: I have an elderly sister in Pennsylvania who owns her home. It is worth around $70,000. She’s in poor health, and my younger sister is named in the will as beneficiary to that house. Is there any way for my younger sister to avoid federal and/or state taxes as she inherits the house?

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Small investors piled into stocks in 2021, at times banding together on online forums like Reddit's WallStreetBets to stoke a frenzy over certain companies like GameStop. The financially struggling video game retailer surged more than 1,600% in January as novice investors using trading apps like Robinhood snapped up shares. The mania led to big losses for some hedge funds, multiple halts in trading and congressional hearings asking who was getting hurt.

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Social media companies had an eventful year, starting with Twitter and Facebook banning then-President Donald Trump from their platforms after the Capitol riots. Later in the year the debate over social media's impact on the public exploded when Facebook whistleblower Frances Haugen leaked tens of thousands of damning internal documents about the harm the company is causing to its users around the world. Amid the fallout that has included congressional hearings, Facebook rebranded itself Meta Platforms, reflecting its commitment to developing the metaverse. CEO Mark Zuckerberg described the metaverse as a "virtual environment" you can go inside of — instead of just looking at on a screen.

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In today's economy, multinationals can earn big profits from things like trademarks and intellectual property that are easier than factories to move. Companies can assign the earnings they generate to a subsidiary in a country where tax rates are very low.

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The basic idea is simple: Countries would legislate a minimum rate of at least 15% for very big companies with annual revenues over 750 million euros ($864 million)