A new out-of-state client, Robert Ball, has asked you to prepare a Form 709 for a large gift he made in 2015. When you request copies of any prior gift tax returns he may have filed, he responds, "What do gifts in prior years have to do with 2015?" Send a letter to Robert at 4560 Walton Lane, Benton, AR 72015, clarifying this matter.
Answer to relevant QuestionsUsing property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The gift takes place in 2015. Neither Myrna nor her husband, Greg, have made any prior taxable gifts. Determine the gift tax ...At the time of Matthew’s death, he was involved in the transactions described below. • Matthew was a participant in his employer’s contributory qualified pension plan. The plan balance of $2 million is paid to Olivia, ...In 2009, Jessica placed $250,000 in a savings account listing ownership as follows: "Jessica, Keri, and Jason, joint tenancy with the right of survivorship." Keri and Jason are Jessica's adult children. In 2012, Jason ...As to the alternate valuation date of § 2032, comment on the following. a. The justification for the election. b. The main heir prefers the date of death value. c. An estate asset is sold seven months after the decedent's ...Christopher has told the beneficiaries of his Roth and traditional IRAs that they will receive the distributions from these plans free of any tax. Christopher bases his advice on the “step-up” in basis that takes place ...
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