in 2019, Letty makes taxable gifts totaling 600,000. Her only other taxable gifts amount to 200,000,...

Question

Question

in 2019, Letty makes taxable gifts totaling 600,000. Her only other taxable gifts amount to 200,000,...

in 2019, Letty makes taxable gifts totaling 600,000. Her only other taxable gifts amount to 200,000, all of which were made in 2017. What is lett's 2019 gift tax liability before the unified credit?

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Gift Tax Lifetime Exclusion as on 2019 is= $11,400,000

Taxable gift on 2019 + Taxable gift before 2019(i.e 2017)= $600,000+$200,000=$800,000

Lifetime exclusion remaining=$11,400,000-$800,000=$10,600,000

Total tax owed= 0(zero)

Note- Here, i'm assuming the term "taxable gift" is after applying the exemption limit of gift tax($14,000 for 2017 and $15,000 for 2019)

Add a comment

Answer 2

Similar Homework Help Questions

June made taxable gifts as follows: $400,000 in 1973, $200,000 in 1977, $600,000 in 1985, and...

June made taxable gifts as follows: $400,000 in 1973, $200,000 in 1977, $600,000 in 1985, and $700,000 in 2001. In 2013, June dies leaving a taxable estate of $4,000,000. June’s tax base for applying the unified tax rate schedules (for estate tax purposes) is: a. $4,000,000. b. $4,500,000. c. $5,300,000. d. $5,500,000. e. None of the above.
Course name: Estate and gifts tax Assume D, a widower, made no prior taxable gifts. Consider...

Course name: Estate and gifts tax Assume D, a widower, made no prior taxable gifts. Consider §§ 2501, 2502, 2505, and 6019. a. In 2012, D makes his first taxable gift in the amount of $4,500,000. What are the gift tax ramifications of the transfer? What is the amount of the gift tax payable? Must D file a gift tax return? b. In January of 2014, D makes a taxable gift in the amount of $1,500,000. What are the gift...
Cathy, a married taxpayer, makes the following gifts during the current year (2019): $25,000 to her...

Cathy, a married taxpayer, makes the following gifts during the current year (2019): $25,000 to her church, $74,000 to her daughter, and $21,000 to her husband. Requirement What is the amount of Cathy's taxable gifts for the current year (assuming that she does not elect to split the gifts with her spouse)? (To arrive at taxable gifts, a $15,000 annual exclusion is allowed per donee for 2019. Complete all answer boxes. Enter a "0" for any zero amounts.) Total gift...

Using property she inherited, Myrna makes a 2018 gift of $16.2 million to her adult daughter, Doris. Neither Myrna nor her husband, Greg has made any prior taxable gifts. Determine the gift tax liabil...

Using property she inherited, Myrna makes a 2018 gift of $16.2 million to her adult daughter, Doris. Neither Myrna nor her husband, Greg has made any prior taxable gifts. Determine the gift tax liability if: a. The election to split gift is not made. b. The election to split gifts is made. c. What are the tax savings from making the election?
2. John and his wife gave following gifts to their children, Harry and Jenny: $200,000 in...

2. John and his wife gave following gifts to their children, Harry and Jenny: $200,000 in 2016 $150,000 in 2017 $100,000 in 2018 Calculate the value of the gift tax using the table below. The annual exclusion for 2016 & 2017 is $14,000 and for 2018 is $15,000; the lifetime estate and gift tax basic exclusion amount is 2016 in $5,450,000; 2017 in $5,490,000, and 2018 in 11,180,000. Calculate the value of the gift tax using the table below. GIFT...
Questions 7 to 8: Lance has two adult children. Lance is not married. Lance has never...

Questions 7 to 8: Lance has two adult children. Lance is not married. Lance has never made any taxable gifts before. Lance made gifts to his children as follows: 2019: Outright Gifts of $50,000 in cash to each child 7. What is the amount of Lance’s total taxable gifts in 2019? $15,000 $30,000 $70,000 $100,000 8. What is Lance’s gift tax liability for 2019 before applying his unified credit? $13,600 $15,600 $32,000 $40,000

Taylor, a widow, makes cash gifts to her five married children (including their spouses) and to...

Taylor, a widow, makes cash gifts to her five married children (including their spouses) and to her seven grandchildren. What is the maximum amount Taylor can give for calendar year 2019 without using her unified transfer tax credit?
Course Name: Estate and gifts tax Assume D, a widower, made no prior taxable gifts. Consider...

Course Name: Estate and gifts tax Assume D, a widower, made no prior taxable gifts. Consider code. 2501, 2502, 2505, and 6019. In 2012, D makes his first taxable gift in the amount of $500,000. What are the gift tax ramifications of the transfer? what is the amount of the gift tax payable? Must D file a gift tax return?
CaC Cathy, who is single, makes gifts of $50,000 to each of her two adult children....

CaC Cathy, who is single, makes gifts of $50,000 to each of her two adult children. I:1-7 a. Who is primarily liable for the gift tax on the two gifts, Cathy or the two children? b. If Cathy has never made a taxable gift in prior years, is a gift tax due on the two gifts?

Assume D, a widower, made no prior taxable gifts. Consider code 2501, 2502, 2505, and 6019....

Assume D, a widower, made no prior taxable gifts. Consider code 2501, 2502, 2505, and 6019. What would be the amount of the gift tax due if D made no gifts before 2014 but made taxable gifts of $6,000,000 in 2014? What are the gift tax ramifications of the transfer? What is the amount of the gift tax payable?

in 2019, Letty makes taxable gifts totaling 600,000. Her only other taxable gifts amount to 200,000,...

Homework Answers

Add Answer to:
in 2019, Letty makes taxable gifts totaling 600,000. Her only other taxable gifts amount to 200,000,...

Post as a guest

Earn Coins

June made taxable gifts as follows: $400,000 in 1973, $200,000 in 1977, $600,000 in 1985, and...

Course name: Estate and gifts tax Assume D, a widower, made no prior taxable gifts. Consider...

Cathy, a married taxpayer, makes the following gifts during the current year (2019): $25,000 to her...

Using property she inherited, Myrna makes a 2018 gift of $16.2 million to her adult daughter, Doris. Neither Myrna nor her husband, Greg has made any prior taxable gifts. Determine the gift tax liabil...

2. John and his wife gave following gifts to their children, Harry and Jenny: $200,000 in...

Questions 7 to 8: Lance has two adult children. Lance is not married. Lance has never...

Taylor, a widow, makes cash gifts to her five married children (including their spouses) and to...

Course Name: Estate and gifts tax Assume D, a widower, made no prior taxable gifts. Consider...

CaC Cathy, who is single, makes gifts of $50,000 to each of her two adult children....

Assume D, a widower, made no prior taxable gifts. Consider code 2501, 2502, 2505, and 6019....

in 2019, Letty makes taxable gifts totaling 600,000. Her only other taxable gifts amount to 200,000,...

Homework Answers

Add Answer to: in 2019, Letty makes taxable gifts totaling 600,000. Her only other taxable gifts amount to 200,000,...

Post as a guest

Earn Coins

Add Answer to:
in 2019, Letty makes taxable gifts totaling 600,000. Her only other taxable gifts amount to 200,000,...