. Assume D, a widower, made no prior taxable gifts. Consider §§ 2501, 2502, 2505, and 6019.
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?
Solution: The gift tax is a tax on the transfer of money or property to another person while getting nothing in return. There is an annual exclusion of $15000 and a lifetime exclusion of $11.4 Million while calculating the tax on the gifted amount. However, if the annual gift amount exceeds $15000, the person (i.e. the giver) has to file a gift tax return
In the present case, D has made his first taxable gift of $ 45,00,000.
Gift Amount = $45,00,000
Less : Annual Exclusion = $15000
Less : Liftime Exclusion = $ 44,85,000
Hence, there is no need for D to pay any gift tax.
However, Since the annual gift amount has exceeded $15000, D has to file a Gift tax return
. Assume D, a widower, made no prior taxable gifts. Consider §§ 2501, 2502, 2505, and 6019....
Assume D, a widower, made no prior taxable gifts. Consider §§ 2501, 2502, 2505, and 6019. In January of 2014, D makes a taxable gift in the amount of $1,500,000. 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?
1. Assume D, a widower, made no prior taxable gifts. Consider §§ 2501, 2502, 2505, and 6019. In 2014, D makes a taxable gift in the amount of $5,500,000. 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?
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?
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...
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?
1. Having made no prior taxable gifts during the current year, D transferred title to her car to her 16 year old son, saying, “[t]his is for you. Now, I won’t have to drive you everywhere.” The car had a value of $21,000 at the time of the transfer. D asks you whether she should file a federal gift tax return reporting the transaction. (Assume that D is not married.) a. What would you advise her? b. What would be the result...
1. Having made no prior taxable gifts during the current year, D transferred title to her car to her 16 year old son, saying, “[t]his is for you. Now, I won’t have to drive you everywhere.” The car had a value of $21,000 at the time of the transfer. D asks you whether she should file a federal gift tax return reporting the transaction. (Assume that D is not married.) a. What would you advise her? b. What would be the result if...
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?
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?
254. Rudolph dies in 2018, having made taxable gifts of $3 million during his lifetime and having no taxable estate. An election is made on Rudolph’s estate tax return to permit Deborah, his wife to Rudolph's deceased spousal unused exclusion amount. As of Rudolph’s death, Deborah has made no taxable gifts. Therefore, Deborah's applicable exclusion amount, which she may use for lifetime gifts or for transfers at death is what amount? A. $0B. $8,180,000C. $11,180,000D. $19,360,000