Homework Answers
Carlo makes a $40000 contribution for his daughter to a 529 plan .The statement which are true is Option 2 & 3 i.e
2. Carlo can elect 5-year averaging &
3. Carlo can account for the gift ratably over a 5- year period
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Carlo makes a $40,000 contribution for his daughter to a $529 plan. Which of...
PI:1-42 (book/static) :3Question Help • Betty, a married taxpayer, makes the following gifts during the current...
PI:1-42 (book/static) :3Question Help • Betty, a married taxpayer, makes the following gifts during the current year (2019): $20,000 to her church, $100,000 to her daughter, and $40,000 to her husband. Requirement What is the amount of Betty'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...
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...
1. Jim gave Betsy, his daughter, $1,200,000 on 1/1/20XX, which she used as a cash contribution...
1. Jim gave Betsy, his daughter, $1,200,000 on 1/1/20XX, which she used as a cash contribution to become a member of BJS, LLC. Calculate the gift tax, if any that Jim would need to pay for the current tax year. 2. Alternatively, assume a note was signed by Betsy stating that the $1,200,000 given to her by her father would be returned to him in 5 years. Calculate the gift tax, if any, in this case along with the interest...
I need help plz Robert has six investment options for his defined contribution plan which include:...
I need help plz Robert has six investment options for his defined contribution plan which include: 1) money market fund; 2) Cdn bond fund; 3) Cdn balanced fund; 4) International balanced fund; 5) Cdn equity fund and 6) International equity fund. Where should he invest the funds for maximum growth? Assuming he gets 8% annual compound returns what is the expected future value of the pension at his age 65? (4 marks) ADDITIONAL INFORMATION: Age: Robert is currently 30 years...
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing...
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing plan. Plan benefits vest over 6 years, and peter is 60% vested. The employer made no contribution to the plan for the year. No employees have terminated during the year. Which of the following statements concerning Peter’s contribution to an IRA is correct? peters contribution will not be deductible because contributions are not required every year to profit-sharing plan. Peters contribution will be deductible...
4-30 A man wants to help provide a college education for A his young daughter. He...
4-30 A man wants to help provide a college education for A his young daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's 4th birthday. He wishes to give his daughter $4000 on her 18th, 1gth, 20th, and 21st birthdays, for a total of $16,000. Assuming 5% interest, what uniform annual investment will he have to make on the girl's 8th through 17th birthdays? Tameshia deposits $5500 in her retirement account every year....
A father is now planning a savings program to put his daughter through college. She just...
A father is now planning a savings program to put his daughter through college. She just celebrated her 13th birthday, she plans to enroll at the university in 5 years when she turns 18 years old, and she should graduate in 4 years. Currently, the annual cost (for everything – food, clothing, tuition, books, transportation, and so forth) is $15,000, but these costs are expected to increase by 5% annually. The college requires that this amount be paid at the...
Question 1 Which of the following is true concerning Crummey powers. Allows a gift to qualify...
Question 1 Which of the following is true concerning Crummey powers. Allows a gift to qualify for the annual exclusion. Typically found within revocable trusts. Is a provision found within an irrevocable life insurance trust. Question 1 options: A - I and II B - II only C - I and III D - III only Question 2 Which of the following is not true with respect to a net gift? A - The gross amount of the gift is...
3. Baby's Joe's grandparents decided to start depositing $1500/yer in his 5th birthday and plan to...
3. Baby's Joe's grandparents decided to start depositing $1500/yer in his 5th birthday and plan to continue doing so unitl his 20h birthday. How much money will be in the account on his 20th birthday, assuming it makes 5% per year interest. 4. Joe (from question 3) wonders how much money he can darw per year from this account during his 21, 22, 23 and 24 birthdays to help pay his college expesnses.
Please write down the intermidiate steps clearly. Intermidiate answers should be stated in 4 deci...
Please write down the intermidiate steps clearly. Intermidiate
answers should be stated in 4 decimals in $/% while final answers
in 2 decimals in $/%.
Paul is celebrating his 43d birthday today and is planning for a retirement savings his family [Planned expenses] - Paul's daughter is now 6 years old and he plans to send her to a top local university in 12 years. programe for Currently, the cost of studying (tuition fees and living expenses) is S150,000 per...
PI:1-42 (book/static) :3Question Help • Betty, a married taxpayer, makes the following gifts during the current year (2019): $20,000 to her church, $100,000 to her daughter, and $40,000 to her husband. Requirement What is the amount of Betty'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...
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...
4-30 A man wants to help provide a college education for A his young daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's 4th birthday. He wishes to give his daughter $4000 on her 18th, 1gth, 20th, and 21st birthdays, for a total of $16,000. Assuming 5% interest, what uniform annual investment will he have to make on the girl's 8th through 17th birthdays? Tameshia deposits $5500 in her retirement account every year....
3. Baby's Joe's grandparents decided to start depositing $1500/yer in his 5th birthday and plan to continue doing so unitl his 20h birthday. How much money will be in the account on his 20th birthday, assuming it makes 5% per year interest. 4. Joe (from question 3) wonders how much money he can darw per year from this account during his 21, 22, 23 and 24 birthdays to help pay his college expesnses.
Please write down the intermidiate steps clearly. Intermidiate
answers should be stated in 4 decimals in $/% while final answers
in 2 decimals in $/%.
Paul is celebrating his 43d birthday today and is planning for a retirement savings his family [Planned expenses] - Paul's daughter is now 6 years old and he plans to send her to a top local university in 12 years. programe for Currently, the cost of studying (tuition fees and living expenses) is S150,000 per...
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