Question

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

  1. 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?
0 0
Add a comment Improve this question Transcribed image text
Answer #1

The maximum amount Taylor can give for calendar year 2019 without using her unified transfer tax credit is $11.4 million.  

Add a comment
Know the answer?
Add Answer to:
Taylor, a widow, makes cash gifts to her five married children (including their spouses) and to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 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 in 2019 and 2020. In 2019, each done received $50,000. In 2020, each donee received $100,000. In 2025, Taylor passes away and her estate is valued at $30,000,000. She does not have any deductions from her estate. Assume the unified credit is $13,000,000 in 2025. What is Taylor’s taxable estate in 2025?

  • Elijah and Anastasia are husband and wife who have four married children and fourteen minor grandchildren....

    Elijah and Anastasia are husband and wife who have four married children and fourteen minor grandchildren. For 2018, what is the maximum amount they can give to their family (including the sons- and daughters-in-law) without using any of their unified transfer tax credit?

  • 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?

  • 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

  • Distinguish between an estate tax and an inheritance tax. Do some states impose both? Neither? Which,...

    Distinguish between an estate tax and an inheritance tax. Do some states impose both? Neither? Which, if either, does the Federal government impose? 18. a. b. 19. LO.4 Jake (age 72) and Jessica (age 28) were recently married. To avoid any transfer taxes, Jake has promised to leave Jessica all of his wealth when he dies. Is Jake under some misconception about the operation of the Federal gift and estate taxes? Explain. 20. LO.4 Address the following issues: What is...

  • 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...

  • Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10),...

    Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2017. She uses the standard deduction ($9,350) and qualifies for head-of-household filing status. The personal exemption amount for 2017 is $4,050. Round all computations to the nearest dollar. Click to access Earned Income Credit and Phaseout Percentages Table and the tax rates schedules. a. Calculate the amount, if any, of Joyce's earned income credit. b. During the...

  • Continuing Case 69. Estate Tax Estimate Jamie Lee and Ross are in their late fifties and...

    Continuing Case 69. Estate Tax Estimate Jamie Lee and Ross are in their late fifties and enjoying planning for their next phase in life: retirement! The triplets are finishing their college educations and will be starting careers of their own in no time at all. As they prepare their children for the next chapter in their lives, Jamie Lee and Ross emphasize the importance of preparing for the future and drawing on their own experiences when offering advice to the...

  • Exhibit 3.4 Basic Standard Deduction Amounts Filing Status 2019 2020 $12,200 $12,400 24,400 24,800 Single Married,...

    Exhibit 3.4 Basic Standard Deduction Amounts Filing Status 2019 2020 $12,200 $12,400 24,400 24,800 Single Married, filing jointly Surviving spouse Head of household 24,400 24,800 18,350 18,650 Married, filing separately 12,200 12,400 Problem 3-36 Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are under age 16). She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on...

  • 31) Herbert Dix picked up a booklet at his attorney's office that described estate planning. All...

    31) Herbert Dix picked up a booklet at his attorney's office that described estate planning. All of the following were included as primary objectives of estate planning except A) develop a plan that minimizes settlement costs, including legal and accounting fees. B) distribute property according to your wishes and provide for your dependents. C) develop a plan that will minimize estate and inheritance taxes. D) utilize a living will to describe your choices in a terminal situation and a health...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT