in 2018 a gift of a remainder interest property amounting to 152.000 is given to a...
in 2018 a gift of a remainder interest property amounting to 152.000 is given to a non us citizen spouse considering all allowable exclusions and deduction how much is the taxable gift
Homework Answers
Generally, a federal gift tax return (Form 709) is required if you make gifts to or for someone during the year (with certain exceptions, such as gifts to U.S. citizen spouses) that exceed the annual gift tax exclusion ($15,000 for 2018 and 2019); there’s a separate exclusion for gifts to a non citizen spouse ($152,000 for 2018 and $155,000 for 2019).
Therefore, none of $152,000 would be taxable. The entire $152,000 would be allowed as exclusion to a Non US Citizen Spouse and there will be no amount of taxable gift.
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in 2018 a gift of a remainder interest property amounting to
152.000 is given to a...
Mark for follow up Question 44 of 50. In 2018, James gave his wife, Sylvia, gifts...
Mark for follow up Question 44 of 50. In 2018, James gave his wife, Sylvia, gifts that total $200,000. Sylvia is a U.S. citizen. None of James's gifts are femminable Interest property. Considering all allowable exclusions and deductions, how much is James Sylvia? so $100,000 $150,000 O $200,000
M Corporation reported 2018 book net income of $185,000. The following items were included in book...
M Corporation reported 2018 book net income of $185,000. The following items were included in book income for 2018: State A income tax expense $ 15,000 State B income tax expense $ 5,000 Federal income tax expense $49,000 Book depreciation expense $ 18,000 Municipal bond interest income $ 10,000 US government obligation interest income $ 12,000 Dividends received from 5% owned US co. $ 8,000 Separately, M Corporation computed federal tax depreciation of $26,000. A) Based on the above, compute...
Jones is seriously ill and has $3 million of property that he wants to leave to...
Jones is seriously ill and has $3 million of property that he wants to leave to his four children. He is considering making a current gift of the property (rather than leaving the property to pass through his will). Assuming any taxable transfer will be subject to the highest transfer tax rate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Required: a. Determine how much gift tax Jones will owe if he makes the transfers now b. If he makes a...
on jan 1 z made a gift of 30% interest of aaa to his daughter d...
on jan 1 z made a gift of 30% interest of aaa to his daughter d the partnership business is auto repair capital was not a material income factor d did not work any z retain 20% and Mr g the other partner perform all the work a reasonable salary for z was 60000 and g 20000 which was guarnteed payments taxable income was 160000 before guaranteed payments how much income should z include in his return for this year
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Your non-profit organization is given a gift of $38,000 to cover your annual health care costs...
Your non-profit organization is given a gift of $38,000 to cover your annual health care costs for the next 5 years. If your bank presents you with an option for a 6% nominal interest rate compounded monthly. If you want to calculate how much you can withdraw every year in equal sums, what are your components? ( - Present worth A. $38,000 - Annual Interest Rate B.6% (- Compounding Interest Rate C. 0.5% (- Number of compounding periods D. 60
there is no given time Chad pays $2,000 of interest on $20,000 of debt incurred for...
there is no given time
Chad pays $2,000 of interest on $20,000 of debt incurred for the purchase of municipal bonds and corporate bonds. Chad receives $800 of interest on the municipal bonds and $800 of interest on the corporate bonds. a. What is his allowable deduction on the $2,000 of interest? b. How would your answer change if Chad's only investment income was $1,800 of interest on corporate bonds? Explain your answers and show all calculations.
Tor F 1. For 2018, the amount of the student loan interest deduction is limited to...
Tor F 1. For 2018, the amount of the student loan interest deduction is limited to $3,500. Tor F 2. Under a divorce agreement executed in 2018, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony. Tor F 3. With a Health Savings Account (HSA), contributions grow tax free and distributions used for to pay for medical expenses are non-taxable. Tor F 4 . The cost of aspirin and over-the-counter cough...
that is all the information is given Freya and Sebastian Hunter are married and have one...
that is all the information is given
Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax retum. So far, he's been able to determine the following concerning income and possible deductions: $1,150 50,770 5,000 5,100 1,450 150 360 Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income...
Jones is seriously ill and has $6 million of property that he wants to leave to...
Jones is seriously ill and has $6 million of property that he wants to leave to his four children. He is considering making a current gift of the property (rather than leaving the property to pass through his will). Assuming any taxable transfer will be subject to the highest transfer tax rate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Required: a. Determine how much gift tax Jones will owe if he makes the transfers now. b. If he makes a...
Mark for follow up Question 44 of 50. In 2018, James gave his wife, Sylvia, gifts that total $200,000. Sylvia is a U.S. citizen. None of James's gifts are femminable Interest property. Considering all allowable exclusions and deductions, how much is James Sylvia? so $100,000 $150,000 O $200,000
Jones is seriously ill and has $3 million of property that he wants to leave to his four children. He is considering making a current gift of the property (rather than leaving the property to pass through his will). Assuming any taxable transfer will be subject to the highest transfer tax rate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Required: a. Determine how much gift tax Jones will owe if he makes the transfers now b. If he makes a...
Your non-profit organization is given a gift of $38,000 to cover your annual health care costs for the next 5 years. If your bank presents you with an option for a 6% nominal interest rate compounded monthly. If you want to calculate how much you can withdraw every year in equal sums, what are your components? ( - Present worth A. $38,000 - Annual Interest Rate B.6% (- Compounding Interest Rate C. 0.5% (- Number of compounding periods D. 60
there is no given time
Chad pays $2,000 of interest on $20,000 of debt incurred for the purchase of municipal bonds and corporate bonds. Chad receives $800 of interest on the municipal bonds and $800 of interest on the corporate bonds. a. What is his allowable deduction on the $2,000 of interest? b. How would your answer change if Chad's only investment income was $1,800 of interest on corporate bonds? Explain your answers and show all calculations.
Tor F 1. For 2018, the amount of the student loan interest deduction is limited to $3,500. Tor F 2. Under a divorce agreement executed in 2018, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony. Tor F 3. With a Health Savings Account (HSA), contributions grow tax free and distributions used for to pay for medical expenses are non-taxable. Tor F 4 . The cost of aspirin and over-the-counter cough...
that is all the information is given
Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax retum. So far, he's been able to determine the following concerning income and possible deductions: $1,150 50,770 5,000 5,100 1,450 150 360 Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income...
Jones is seriously ill and has $6 million of property that he wants to leave to his four children. He is considering making a current gift of the property (rather than leaving the property to pass through his will). Assuming any taxable transfer will be subject to the highest transfer tax rate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Required: a. Determine how much gift tax Jones will owe if he makes the transfers now. b. If he makes a...
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