b Emily deposits 50000 cash into a checking account in the joint names of

B emily deposits 50000 cash into a checking account

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b. Emily deposits $ 50,000 cash into a checking account in the joint  names of herself and Matt, who deposits nothing to the account. Later that year, Matt withdraws $ 15,000 from the account. – Gift of $15,000 c. Emily pays $ 22,000 of nephew Noah’s medical expenses directly to  County Hospital. – No gift d. Emily transfers the title to land valued at $ 60,000 to Olive. – Gift of  7.  Refer to your responses in Problem 6 above and assume the current year is 2015. Emily’s prior year taxable gifts are as follows:Year      Amount of Taxable Gifts1974      $500,0001998      $1,000,000What is Emily’s 2015 gift tax liability?
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8. Determine the amount of the completed gift, if any, arising from each  of the following occurrences.a. A parent sells real estate valued at $ 1.8 million to an adult child, who pays $ 1 million in consideration. – Gift of $800,000 bargain element
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  • Spring '14
  • redford
  • Taxation in the United States, Gift tax in the United States, taxable gifts

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