17.Chloe gave $15,000 to her son, $20,000 to her daughter, and paid $18,000 to the University of Delaware for her niece’s tuition. She gave $12,000 to the United Way campaign, and $18,000 to her church. What is the amount of Chloe’s taxable gifts? a. $ 7,000b. $15,000c. $35,000d. $53,000
10 Taxation for Decision Makers Test Bank e. $83,000 18.The kiddie tax can only be imposed on 19.The amount of the kiddie tax is the sum of 20. All of the following apply to the Coverdell education savings account except: 21. When Shipley died, he owned $100,000 in bonds that he left to his church, a $400,000 house held in joint tenancy with right of survivorship with his brother, and a collection of antique automobiles valued at $1,300,000 that he left to his son. What are Shipley’s probate estate and his gross estate, respectively? a. $1,600,000; $1,300,000b. $1,400,000; $1,300,000c. $1,600,000; $1,600,000d. $1,400,000; $1,600,000 22. What is the benefit(s) of a living trust? 23. When will an insurance policy on the decedent’s life be included in a decedent’s gross estate? 24.All of the following are deductions from the gross estate except
Chapter 12: Wealth Transfer Taxes 11
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- Taxes, Taxation in the United States, taxable gifts