Ch 12 Quiz.pdf - Quiz 1 Questions and Answers In 2017 Client Carol makes $300,000 in taxable gifts The only other taxable gifts she made was in $200,000

Ch 12 Quiz.pdf - Quiz 1 Questions and Answers In 2017...

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Quiz 1 Questions and Answers In 2017, Client Carol makes $300,000 in taxable gifts. The only other taxable gifts she made was in $200,000 in 1997. How much gift tax does she owe? b.No tax is owed. The current rate schedule is used to determine the tax on the $200,000 gift. The computation would be the same except that the remaining unified credit would be $2,141,800. Because the $200,000 gift was made prior to the advent of the unified credit, none of the credit has been used. The tax payable would be $0 ($101,000 $101,000). In the current year, Bill, who is single, sells stock valued at $40,000 to Linda for $18,000. Later that same year, Bill gives Linda $12,000 in cash. What is Bill's taxable gifts?
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to Norma (future interest) - $200,000 How much are Wilma's taxable gift (if they gift split)? [split] How much is Wilma's taxable gifts (if they don't gift split)? [nosplit] How much is Homer's taxable gift (if they don't gift split)? [hnosplit]
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  • Spring '14
  • AlanB.Davis
  • Taxation in the United States, Wilma, Gift tax in the United States, taxable gifts