Sue died on May 3, 2019. On October 1, 2016, Sue gave her son Tom land valued

Question:

Sue died on May 3, 2019. On October 1, 2016, Sue gave her son Tom land valued at $7,014,000. Sue applied a unified credit of $2,125,800 against the gift tax due on this transfer. On Sue's date of death the land was valued at $9.4 million.

a. With respect to this transaction, what amount was included in Sue's gross estate?

b. What is the amount of Sue's adjusted taxable gifts attributable to the 2016 gift?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Federal Taxation 2020 Comprehensive

ISBN: 9780135196274

33rd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

See More Books

Question Posted: Aug 24, 2022 02:34 AM

See More Questions

Sue died on May 3, 2015. On October 1, 2012, Sue gave Tom land valued at $7,013,000. Sue applied a unified credit of $1,772,800 against the gift tax due on this transfer. On Sues date of death the...
Sue died on May 3, 2013. On October 1, 2010, Sue gave Tom land valued at $2,013,000. Sue applied a unified credit of $330,800 against the gift tax due on this transfer. On Sue's date of death the...
Sue died on May 3, 2016. On October 1, 2013, Sue gave Tom land valued at $7,014,000. Sue applied a unified credit of $2,045,800 against the gift tax due on this transfer. On Sue's date of death the...
58. HarperMotors sells 40 cars per month at an average price of $25,000. Thecarrying cost per car is $160 and the fixed order cost is $695. Howmany orders should the company place per year? 2 answers
What are the necessary elements that must be present for a person to be classified as a trespasser?
Access the financial statements of BHP Billiton plc for the company's year ended June 30, 2014. Also access the financial statements of Newfield Exploration Company for the company's year ended...
Write some interviewer instructions for in-home personal interviews to be conducted by students. How would your instructions change if the survey is administered in social media?
Journalize the following sales transactions for Double Z Archery using the periodic inventory system. Explanations are not required. Aug. 1 Sold $7,800 of equipment on account, credit terms are 2/10,...
The estimated taxable income for the year ended 31 December 2021 is R8 425 000. What is the 1st provisional payment amount?
York Steel Corporation produces a special bearing that must meet rigid specifications. When the production process is running properly, 10% of the bearings fail to meet the required specifications....
Val died on May 13, 2019. On July 3, 2016, she gave a $400,000 life insurance policy on her own life to son Ray. Because the value of the policy was rela-tively low, the transfer did not cause any...
Mary died on April 3, 2019. As of this date, Mary's gross estate was valued at $16.5 million. On October 3, Mary's gross estate was valued at $15.8 million. The estate neither distributed nor sold...
Nelson Industries manufactures a part for a type of aircraft engine that is becoming obsolete. The sales history for the last 10 years is as follows: Year Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13...
Game theory predicts that in a market controlled by four fi rms producing an identical service, each will ultimately charge ___________ price. a) a high b) an intermediate c) a low
The amplitude of the sinusoidal symmetrical ac component of the three-phase short-circuit current of an unloaded synchronous machine decreases from a high initial value to a lower steady-state value,...
The reactance that plays a role under steady-state operation of a synchronous machine is called ____________.
Which statement is false? a) The gold standard will work only when the gold supply increases as quickly as the worlds need for money. b) The gold standard will work only if all nations agree to...
The duration of subtransient fault current is dictated by time ____________ constant and that of transient fault current is dictated by time ____________ constant.
A balanced three-phase system has a distribution wire with impedance 2 + j6 per phase. The system supplies two three-phase loads that are connected in parallel. The first is a balanced wye-connected...
Gordon and Lisa estimate that they will need $1,875,000 in 40 years for their retirement years. If they can earn 8 percent annually on their funds, how much do they need to save annually?
Kareem owns a pickup truck that he uses exclusively in his business. The adjusted basis is $22,000, and the fair market value is $14,000. Kareem exchanges the truck for a truck that he will use...
Marge owns land and a building (held for investment) with an adjusted basis of $75,000 and a fair market value of $250,000. The property is subject to a mortgage of $400,000. Because Marge is in...
Susan owns a car that she uses exclusively for personal purposes. Its original cost was $26,000, and the fair market value is $12,000. She exchanges the car and $18,000 cash for a new car. a....
What are some suggestions regarding the following: Costco's financial health appears strong based on the current ratio, but there is an increasing reliance on debt as seen in the debt-to-equity...
1957 ford Original Cost is 32k. FMV at Conversion is $32k. Using MACRS Rates- Half Year Convention. What is the basis for depreciation and Year 1 Depreciation amount and what is the appropriate...
The HIPAA X12 835 Health Care Payment and Remittance Advice (HIPAA 835) is the HIPAA-mandated electronic transaction for payment explanation. What is the document that the beneficiary receives?

Sue died on May 3, 2019. On October 1, 2016, Sue gave her son Tom land valued

Question:

Step by Step Answer:

a Inclusion in gross estate under grossup rule 2745800 ...View the full answer

Federal Taxation 2020 Comprehensive

Students also viewed these Business questions