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?
| Gift Made | 6,000,000 | |
| Life time exemption in 2014 | Less : | 5,340,000 |
| 660,000 | ||
| 2014 Exemption of gift amount of 14,000 to per person | Less : | 14,000 |
| Taxable value | 646,000 | |
| Tax Calculation for 2014 Gift Tax Liability | ||
| Tax on taxable value of Gifts of 500000 | 155,800 | |
| Tax on balance 146000 @ 37% | 54,020 | |
| Total Tax | 209,820 |
Assumption : It is assumed that no exclusion of lifetime gift exemption available for deceased spouse to D since it is available only in case where spouse died after December 31,2010 and have not used lifetime exemption
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 §§ 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?
. 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?
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...
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?
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?
R dies in 2016. R made taxable gifts during his lifetime in 1990, 1991, 1993, 1997, and 1999, but paid no Federal transfer taxes due to the unified transfer tax credit in effect in those years. What effect will these taxable gifts have on determining the following: R’s Federal taxable estate? The rates imposed on the Federal taxable state?