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?
Answer to relevant QuestionsPeg worked with a local IRS-approved charity whose mission was to capture and neuter feral cats and take care of them until they could be released back into the wild. Peg incurred more than $ 6,000 of expenses for food and ...Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her super-visor at the sales office located fourmiles fromher home. Sally works under a one-year contract, and her assignment ...Is the objective of tax planning always to minimize taxes? Explain. Assume that a taxpayer can choose when he is to receive $ 10,000 of fully taxable income. If the taxpayer receives the income at the end of Year 1, he will receive exactly $ 10,000. If he delays receipt of the income until ...Give some examples of U. S. taxes that employ proportional, progressive, and regressive rate structures.
Post your question