Wes and Donna were the only members of an LLC, and they fended off unwanted takeover suitors

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Wes and Donna were the only members of an LLC, and they fended off unwanted takeover suitors with a clause in the charter that shares could change hands only with unanimous approval from all the other owners. Wes is now 70 years old, so he wants to start phasing out of the business. He makes a gift of 10 percent of the LLC shares to his son Jeffrey, as agreed to by Donna. The shares are worth $ 20,000. What is Wes’s taxable gift to Jeffrey in the year of the transfer?
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Federal Tax Research

ISBN: 9781285439396

10th Edition

Authors: Roby Sawyers, William Raabe, Gerald Whittenburg, Steven Gill

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