C 12 32 Determination of Taxable Gifts In the current year Beth who is single

C 12 32 determination of taxable gifts in the current

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C 12-32Determination of Taxable Gifts. In the current year, Beth, who is single, sells stock valued at $40,000 to Linda for $18,000. Later that year Beth gives Linda $12,000 in cash.A.What is the amount of Beth’s taxable gifts?B.How would your answer to part a change if Beth instead gave the cash to Patrick? Determination of Taxable Gifts. In the current year, Kent gives $42,000 cash to each of his eight grandchildren. His wife makes no gifts during the current year. A.What are Kent’s taxable gifts, assuming Kent and his wife do not elect gift splitting?B.How would you answer Part a change in the couple elects gift splitting? C 12-34Determination of Taxable Gifts. In the current year, David gives $180,000 of land to David, Jr. In the current year David’s wife gives $200,000 of land to George and $44,000 cash to David Jr. Assume the couple elects gift splitting for the current year.A.What are the couple’s taxable gifts?
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B.How would your answer to Part a change if David’s wife gave the $44,000 of cash to Ollie (instead of to David Jr.)? Determine the Taxable Gifts. Yolanda and Xavier, spouses, have four adult children, Andy, Betty, Cathy,and Danny. In 2016 they made a number of gifts. Yolanda gave Andy cash of $40,000 and Betty stock valued at $60,000. Xavier gave Cathy stock valued at $38,000 and deposited $80,000 in a bank account in the names of Xavier and Danny, with joint tenants with right of survivorship. Later in the year, Xavier withdrew $10,000 from the account, and Danny withdrew $8,000. Xavier gave stock valued at $70,000 to his alma mater, State technology institute. Calculate the amount of taxable gifts for each spouse if the elect gift splitting. Unknown
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  • Fall '15
  • Taxation in the United States, taxable gifts

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