View the step-by-step solution to:

Directions: Prepare a federal gift tax return (Form 709) based on the following information for Wanda Bickford. Use the 2013 Gift Tax forms. Bill...

Prepare a federal gift tax return (Form 709)

Directions: Prepare a federal gift tax return (Form 709) based on the following information for Wanda Bickford. Use the 2013 Gift Tax forms. Bill agrees to gift split. Facts: Bill and Wanda Bickford are married to each other throughout all the years in question. Bill made no taxable gifts in earlier periods. Wanda’s previous taxable gifts were $3,000,000 in 1985 and $1,800,000 in 1988. Assume the applicable interest rate for valuing life estates and remainders is 4%. In August 2013, Wanda makes the following gratuitous transfers: $80,000 in cash to son Billy $28,000 in jewelry to daughter Betsy $30,000 in medical expense payments to Downtown Hospital for medical care of grandson Tim. Remainder interest in vacation cabin to friend Ruth Cain. Wanda (age 60) retains a life estate. The vacation cabin is valued at $100,000 $600,000 in stocks to a bank in trust with all of the income payable semiannually to husband Bill (age 72) for life and remainder payable at Bill’s death to Jeff Bass, Wanda’s son from an earlier marriage, or Jeff’s estate. Wanda wants to elect the marital deduction. Bill made the following transfers in 2013: $80,000 of stock to State University $600,000 of land to daughter Betsy
Background image of page 1
Sign up to view the entire interaction

Top Answer

Hi, Attached is the... View the full answer

8542458.pdf

709 United States Gift (and Generation-Skipping Transfer) Tax Return Department of the Treasury
Internal Revenue Service (For gifts made during calendar year 2013) Form ▶ Information OMB No....

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online