Question

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?

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

2 3 Amount 4 5 30000000 6 Taylor tax liability in 2025 Details Value of Estate $ Less deductions from estates Less unified cr

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. What is the maximum amount Taylor can give for calendar year 2019 without using her unified transfer tax credit?

  • 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...

  • Joe and Susan are married. They have two children, Jack and Jill ages 4 and 6....

    Joe and Susan are married. They have two children, Jack and Jill ages 4 and 6. In 2020, they had the following transactions 1 Joe has taxable wages of $125,000. 2 Susan has taxable wages of $200,000 3 Interest income of $700 4 Their joint stock portfolio was valued at $39,000 on January 1, 2019. On December 31, 2019 it was valued at $47,000. 5. They paid mortgage interest of $22,000 on their primary residence. 6. They paid $6,000 of...

  • 1) Fred and Phyllis Black are a married couple with no children. On June 15, 2019,...

    1) Fred and Phyllis Black are a married couple with no children. On June 15, 2019, Fred died. Phyllis has not remarried. For 2019, what is Phyllis' most favorable filing status? 2) Fred and Phyllis Black are a married couple with no children. On June 15, 2019, Fred died. In 2020, Phyllis has not remarried and has a dependent son who continues to live with her. For 2019, what is Phyllis' most favorable filing status for 2020? 3) Fred and...

  • Demarco and Janine Jackson have been married for 20 years and have four children who qualify...

    Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a...

  • TAXATION

    May, age 84, died Sept. 19, 2019. At the time of her death, she owned, completely or partially, the following assets:Her late husband, John, had established a trust with being an income beneficiary and their two children receiving a remainder interests. The executor of John’s estate made the QTIP election. At the time of her death, the value of the trust was $7.5 million.May owned three insurance policies – one on her life and one on the life of each...

  • Tony and Jeannie Nelson are married and file a joint return. They have four children whose...

    Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...

  • Paul J. and Judy L. Vance are married and file a joint return. Paul is self- employed as a dentist, and Judy is a college professor. Paul and Judy have two children. The oldest is Vince who lives at h...

    Paul J. and Judy L. Vance are married and file a joint return. Paul is self- employed as a dentist, and Judy is a college professor. Paul and Judy have two children. The oldest is Vince who lives at home. Vince is a law student at the University of Cincinnati and worked part-time during the year, earning $1,500, which he spent for his own support. Paul and Judy provided $6,000 toward Vince’s support. Jennifer is the youngest and lived in...

  • Beverly and Ken Hair have been married for 3 years. Beverly works as an accountant at...

    Beverly and Ken Hair have been married for 3 years. Beverly works as an accountant at Cypress Corporation. Ken is a full-time student at Southwest Missouri State University (SMSU) and also works part-time during the summer at Cypress Corp. Ken's birthdate is January 12, 1993 and Beverly's birthdate is November 4, 1995. Beverly and Ken each received a W-2 form from Cypress Corporation (see separate tab). The Hairs have interest income of $1,000 on City of St. Louis bonds. Beverly...

  • Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...

    Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...

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