For gift tax purposes, a contributor can elect to treat a contribution of up to $70,000...
Homework Answers
5 years
under 529 gift tax is exempt for value upto $14000 per month and if one time payment it can me exempt considering equally distributed over 5 years
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For
gift tax purposes, a contributor can elect to treat a contribution
of up to $70,000...
help!!! please. Carlo makes a $40,000 contribution for his daughter to a $529 plan. Which of...
help!!! please.
Carlo makes a $40,000 contribution for his daughter to a $529 plan. Which of the following is true? 1. Carlo can split the gift with his spouse to enjoy both their annual exclusions 2. Carlo can elect 5-year averaging 3. Carlo can account for the gift ratably over a 5-year period 4. Carlo can coordinate this plan with other educational plans 2 and 3 1 and 3 4 only all of the above
Question 63 of 75. Which of the following is a taxable gift for gift tax purposes?...
Question 63 of 75. Which of the following is a taxable gift for gift tax purposes? Transfer of $15,500 from Kevin to his father's bank account to pay his father's unreimbursed medical expenses. O $2,000 contribution to a national political campaign fund. O Transfer of $14,400 to a Coverdell ESA from John, age 30, to his brother Jerry, age 22. O $6,200 payment to State University for tuition on behalf of a grandchild. Mark for follow up
Jerry and Sarah would like to give the maximum possible gift that they can to their...
Jerry and Sarah would like to give the maximum possible gift that they can to their son without having to pay gift tax. They don't mind filling out a gift tax return - they just don't want to OWE any gift tax. Jerry and Sarah have never been required to file a gift tax return and live in a community-property state. How much can they transfer in 2020 to their son free of gift tax? Group of answer choices 23,160,000...
Ramon had AGI of $218,000 in 2019. He is considering making a charitable contribution this year...
Ramon had AGI of $218,000 in 2019. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon's tax liability. a. A cash gift of $109,000. In the current year, Ramon may deduct $ since his charitable contribution is limited...
Ramon had AGI of $193,000 in 2018. He is considering making a charitable contribution this year...
Ramon had AGI of $193,000 in 2018. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. a. A cash gift of $96,500. In the current year, Ramon may deduct $96,500______ since his charitable contribution is limited to $_______ . b. A gift of OakCo stock...
Determine the maximum contribution that can be made to a Keogh plan in each of the...
Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Self-employment income of $51,000. Self-employment income of $51,000 and wage income of $30,000. Self-employment income of $125,000. Self-employment income of $290,000.
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing...
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing plan. Plan benefits vest over 6 years, and peter is 60% vested. The employer made no contribution to the plan for the year. No employees have terminated during the year. Which of the following statements concerning Peter’s contribution to an IRA is correct? peters contribution will not be deductible because contributions are not required every year to profit-sharing plan. Peters contribution will be deductible...
A $95,000 investment is to amortized for tax purposes using the maximum CCA available. If the...
A $95,000 investment is to amortized for tax purposes using the maximum CCA available. If the investment represents a fleet of automobiles for a telephone utility, what will be the allowable CCA rate? How much will the addition of the automobiles increase the allowable dollar CCA in Year 1? Year 2? If the investment had been for machinery, what difference would that have made in the CCA rate allowed? What difference will it make when the cars are scrapped for...
Question 70 of 75. A donor can obtain a filing extension for a gift tax return...
Question 70 of 75. A donor can obtain a filing extension for a gift tax return which allows: Automatic four-month extension. O Automatic six-month extension. Six-month extension if there is reasonable cause. Four-month extension if there is reasonable cause. Question 72 of 75. Eileen and Sara began the Bean Buzz coffee shop in 2016 as equal partners. In 2018, their financial records included the following: • $113,582 in gross receipts. • $30.467 in purchases. • $3,042 in beginning inventory. •...
A $95,000 investment is to be amortized for tax purposes using the maximum CCA available. a....
A $95,000 investment is to be amortized for tax purposes using the maximum CCA available. a. If the investment represents a fleet of automobiles for a telephone utility, what will be the allowable CCA rate? CCA rate b-1. How much will the addition of the automobiles increase the allowable dollar CCA in Year 1? CCA in Year 1 $0 b-2. How much will the addition of the automobiles increase the allowable dollar CCA in Year 2? CCA in Year 2...
help!!! please.
Carlo makes a $40,000 contribution for his daughter to a $529 plan. Which of the following is true? 1. Carlo can split the gift with his spouse to enjoy both their annual exclusions 2. Carlo can elect 5-year averaging 3. Carlo can account for the gift ratably over a 5-year period 4. Carlo can coordinate this plan with other educational plans 2 and 3 1 and 3 4 only all of the above
Question 63 of 75. Which of the following is a taxable gift for gift tax purposes? Transfer of $15,500 from Kevin to his father's bank account to pay his father's unreimbursed medical expenses. O $2,000 contribution to a national political campaign fund. O Transfer of $14,400 to a Coverdell ESA from John, age 30, to his brother Jerry, age 22. O $6,200 payment to State University for tuition on behalf of a grandchild. Mark for follow up
Ramon had AGI of $218,000 in 2019. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon's tax liability. a. A cash gift of $109,000. In the current year, Ramon may deduct $ since his charitable contribution is limited...
Question 70 of 75. A donor can obtain a filing extension for a gift tax return which allows: Automatic four-month extension. O Automatic six-month extension. Six-month extension if there is reasonable cause. Four-month extension if there is reasonable cause. Question 72 of 75. Eileen and Sara began the Bean Buzz coffee shop in 2016 as equal partners. In 2018, their financial records included the following: • $113,582 in gross receipts. • $30.467 in purchases. • $3,042 in beginning inventory. •...
A $95,000 investment is to be amortized for tax purposes using the maximum CCA available. a. If the investment represents a fleet of automobiles for a telephone utility, what will be the allowable CCA rate? CCA rate b-1. How much will the addition of the automobiles increase the allowable dollar CCA in Year 1? CCA in Year 1 $0 b-2. How much will the addition of the automobiles increase the allowable dollar CCA in Year 2? CCA in Year 2...
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