5-38 Sale of Assets Received as a Gift and Inherited. Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2009 as a gift when the stock has a $60,000 FMV. His aunt purchased the stock in 2002 for $42,000. The taxable gift is $60,000 because she made earlier gifts to Daniel during 2009 and used the annual exclusion. She paid a gift tax of $9,300 on the gift of A&M stock to Daniel. Daniel also inherited 300 shares of Longhorn Corporation preferred stock when his uncle died on November 12, 2009, when the stock FMV was $30,000. His uncle purchased the stock in 1990 for $27,600. Determine the gain or loss on the sale of A&M and Longhorn stock December 15, 2009 under each alternative situation below. A.

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These significant changes are led the impact of the globalisation which has also encouraged the technological expertise and innovation. In fact, globalisation and innovation are closely related with other. “Globalisation can be viewed as the outcome of processes of imitation and adaptation of innovation” (Organisation for Economic Co-operation and Development, 2005, p.108). Trade and business is the most of the important area that has been heavily influenced by globalisation. Globalization has been a boon for the trade and commerce as it has provided a vast opportunity to entire business world. However, it has also led to intensify the global competiveness as majority of the economies encourage the international trade by imposing free trade policies. Hope and Maeleng have defined the free trade policy as a “competition enhancing device” (Hope and Maeleng, 1998, p.61). In such competitive environments, the business organisations are trying to gain sustainable competitive advantage, and in this course, innovation is the one of the most key factors. For example, Tidd, Bessant and Pavitt has identified that new product development is highly correlated with the market share and innovative attempts is the core essence of a new product development (Tidd, Bessant and Pavitt, 2005, p.5). The level of innovation generally depends on the size and types of industry. For example, technological innovation is more prominent in automotive industry rather than apparel industry. However, innovation can be termed from the technological perspective but it can be also defined from the management strategic perspective. On the other hand, there are certain requirements that must be met for incorporating innovation and these requirements are external as well as internal environments. This paper wills attempt to present analysis and discussion on the multiple aspect of innovation required in an organisation. The primary focus will on the multiple factors that must considered while incorporating the innovation within an organization. Hence, certain popular theories and models on innovation will be explained in order to understand the basics of innovation. In order to meet the primary objective of this paper, the identification of drivers and barriers of innovation will be analysed. Finally, the entire discussions and analyses will be summed up in the conclusion. 2. Theoretical Background regarding Innovation Innovation has been a popular area of study and many scholars and academics have tried to offered and explain their views to present the multiple aspects of innovation. They have realized the increasing importance of innovation in every aspect of human activities especially for the commercial purposes, and hence their theories are essential for the organisation seeking to develop an innovative business model and organisational culture. Incorporating an innovation within an organisation is a long process and number of factors must be aligned as per the prevailing condition. At presents, the business organisation is continuously trying to improve their overall business model and operating activities by incorporating innovations in their organisation. The innovation used by them “can range from straightforward cost reduction measures to completely re-designing the business”