In 2018, Joshua gave $5,400 worth of XYZ stock to his son. In 2019, the XYZ...
In 2018, Joshua gave $5,400 worth of XYZ stock to his son. In 2019, the XYZ shares are worth $34,700.
If Joshua had not given his son the stock in 2018 and held onto it instead, how much more would his estate have been worth than if he had made the gift?
Homework Answers
In 2018, Joshua gave $5,400 worth of XYZ stock to his son. This would be counted as a gift. A gift is liable to gift tax. However IRS for the year 2018 has exempted all gifts till the amount of $15,000. Hence only the gifts which are worth over $15,000 will be liable to tax.
Since the worth of share is $5,400, Joshua won't be liable to any gift tax. In 2019, the shares are worth $34,700. Had Joshua not given his son the stock in 2018 and held onto it instead, his estate would have been worth $34,700 more ($34,700 value of stock + $0 gift tax).
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