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-Sent $150,000 to Stanford University to be used for their nephew’s college tuition for his next4 years in school;-Gave $500,000 each to Sondra’s sister and Jason’s brother for new homes;-Gave $750,000 to the best man at their wedding last year to defray the costs of a neededkidney transplant; and-Finally donated $250,000 to their church to build a wedding chapel.The only taxable gift previously made by either Sondra or Jason was a $200,000 gift in 2009by Jason to the widow of an employee who had been killed in an auto accident. This gift wasmade prior to their marriage. Sondra and Jason elect gift splitting. Determine their separate taxable gifts and the gift taxes they will owe after applying each oftheir lifetime-unified credits. $0
44. Lenny, age 12, has $3,500 interest income from a trust established by his uncle. This isLenny’s only source of income for the year. Lenny’s parents are in the 35 percent marginaltax bracket.a. What is Lenny’s taxable income and how much income tax does he owe?b. How would your answers change if Lenny were age 24?
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Taxes, Taxation in the United States, Lenny, taxable gifts