Michael makes a $ 2 5 0 , 0 0 0 . 0 0 gift of cash
Question:
Michael makes a $ gift of cash to his daughter on January He has not made any other gifts prior to this one. This question uses the Gift Tax Calculation form used on the examples in the text. Wording may vary slightly due to the edition you're using, but follow line by line for accuracy. IF NO GIFT TAX RETURN IS NEEDED, THEN ENTER NA ON EACH LINE OF THE TAX CALCULATIONS.
IS A GIFT TAX RETURN NEEDED?
Total Current Year Gifts
Less Annual Exclusion
Total Current Year Taxable Gifts
Plus Taxable Gifts from Prior Years
Total Taxable Gifts
Tax on Total Taxable Gifts
Tax on Prior Gifts
Balance
Applicable Credit
Applicable Credit Against Tax for all Prior Periods
Balance
Applicable Credit
Total Gift Tax
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill