Highland, Inc., an engineering firm, uses a job order costing system to accumulate client−related costs. The predetermined overhead allocation rate is 50% of staff labor cost. The work by engineers is charged to jobs at a rate of $33 per staff labor hour. A recent job for a client used 80 staff labor hours. How much was the total job cost?

A.$1,320
B.$40
C.$2,640
D.$3,960

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.