Ginger gift Tax | |
Tranfer to rights to Gretie | $250000 |
Tranfer to state university | $100000 |
Tranfer to policy premium to Denise | $22000 |
Tranfer from joint account to stieve | $30000 |
Tranfer to husband and daughter (trust) | $300000 |
Tranfer to American red cross | $70000 |
Ginger Made actual gift | $772000 |
Less: 1/2 of the Ginger's gift made to third | ($236000) |
parties that are deemed made by husband | |
(.5*($250000+$100000+$22000+$30000+$70000) | |
Add: 1/2 of husband's gift to third parties | $190000 |
Less: Charitable contribution deduction | ($142000) |
(100000+70000-14000*2) | |
Taxable gift for the current period | $214000 |
Tax on cumulative gift of $389000*40% | $155600 |
Less: tax on previous taxable gift of $175000*55% | ($96250) |
Gift tax payable | $59350 |
Using Excell prepare your answer. Figure Ginger gift tax. Ginger Graham, age 46 and wife of...
2018 Tax Return Problem- Calculate Roberta’s net tax payable or refund due for 2018. Use the appropriate forms and schedules. Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason’s Social Security number is 111-11-1112, and June’s is 123-45-6788. Roberta does...