Question

Stanley Rosen`s cumulative lifetime taxable gifts amount to $ 250,000. The following year, he gives his...

Stanley Rosen`s cumulative lifetime taxable gifts amount to $ 250,000. The following year, he gives his favorite nephew $ 165,000 to open a liquor store.

what is the taxable gift?

what is the tax on the gift (Prior to credits)?

What is the gift tax payable?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Jack is single and he made his first taxable gift of $1,000,000 in 2008. Jack made...
Jack is single and he made his first taxable gift of $1,000,000 in 2008. Jack made additional gifts in 2009, at which time he gave $1,750,000 to each of his three children and an additional $1,000,000 to State University (a charity). The annual exclusion in 2009 was $13,000. Recently Jack has been in poor health and would like you to estimate his estate tax should he die this year. Jack estimates his taxable estate (after deductions) will be worth $5.4...
In 2011, while he was still living, Leon funded an $7,500,000 irrevocable trust for the benefit...
In 2011, while he was still living, Leon funded an $7,500,000 irrevocable trust for the benefit of his only daughter. In the event of daughter's death, the trust would benefit her children (Leon's grandchildren). At the time this trust was formed, none of Leon's GST exemption was allocated to this trust. Several years later, Leon's daughter died. Leon was still alive when his daughter died. The value of the trust had increased to $15,000,000. After Daughter's death, the trust remained...
14. Jim, single, took out a mortgage on his home for $590,000 five years ago. In...
14. Jim, single, took out a mortgage on his home for $590,000 five years ago. In September of this year, when the home had a fair market value of $620,000 and he owed $550,000 on the mortgage, he took out a home equity loan for $80,000. Will used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest? a. $70,000. b. $80,000. c....
Question 11 A "living will" does which of the following: Provides an individual with steady income...
Question 11 A "living will" does which of the following: Provides an individual with steady income while he/she is still alive Allows a family member to take over a person's financial affairs Updates a will's executor if she/he dies Describes an individuals wishes in a medical emergency or for end-of-life care Helps estate attorneys make a living Question 12 After several years of uncertainty and change, the federal estate tax seems set -- at least for the next few years....
PREPARE JOURNAL ENTRIES FOR THE FOLLOWING. 1. January 2: Mr. Burns opened up his new company...
PREPARE JOURNAL ENTRIES FOR THE FOLLOWING. 1. January 2: Mr. Burns opened up his new company and dissolved the old one. The balances of the accounts (with the exception of fixed assets and uncollectible) were transferred over from the old business. Mr. Burns decided that he needed to invest more money into the business in order to get operational. Mr. Burns invested $2,120,000 to create stock. 2. January 3: Mr. Burns bought a cookie making machine for $500,000 from Cookie...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
Question 1 (1 point) Ray died this year at age 73, and his wife, Mary, age...
Question 1 (1 point) Ray died this year at age 73, and his wife, Mary, age 55, is the designated beneficiary on his Roth IRA. Ray's Roth IRA was established 3 years ago. Which of the following statements is(are) CORRECT? I Ray was not subject to required minimum distributions from his Roth IRA during his lifetime. II If Mary chooses to distribute the entire balance of the Roth IRA this year, the distribution may be subject to both regular income...
Bob, Chad and Dylan had been dreaming of this day for the past six years; ever...
Bob, Chad and Dylan had been dreaming of this day for the past six years; ever since they first met in an introductory economics course in college. For several years they had been pooling their money and buying Arizona Lottery tickets dreaming that one day they would win big. They realized that the lottery was considered by many to be a voluntary tax on the statistically challenged. But miraculously they now sat at their favorite local �watering hole� holding the...
ATHI AND DARRIN LOVETTE CASE: Kathi and Darrin Lovette Background Kathi and Darrin Lovette, both age...
ATHI AND DARRIN LOVETTE CASE: Kathi and Darrin Lovette Background Kathi and Darrin Lovette, both age 63, have been married for 40 years, are both in good health, and they are citizens and residents of Louisiana. They expect to work until age 66 to 70. Kathi and Darrin live in a community property state. They have the following children and grandchildren: Children Age Grandchildren Elizabeth Age 40 4 children (ages 15, 14, 13 & 12) James Age 35 3 children...
Revision Questions 1.     Non-Current Assets Provide the journal entries for the following transaction: Matthew built a...
Revision Questions 1.     Non-Current Assets Provide the journal entries for the following transaction: Matthew built a new building to store supplies for his business. The builder charged $250,000, the electrician cost $10,000 and a painter cost 5,000. A compulsory fire safety inspection was conducted and cost $1,000. Matthew is still worried about the building burning down and has purchased 12 months insurance for $10,000 which covers the value of the building in case of destruction. Matthew calculated that the above...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT