Question: Hello, please see below snapshot. Thanks Drop down options (left side) for each are the same and are as follows: - Charitable Contribution Deduction -
Hello, please see below snapshot.
Thanks
Drop down options (left side) for each are the same and are as follows:
- Charitable Contribution Deduction
- Exclusions
- Gifts and Charitable Contributions Made in 2020
- Individuals gifts deemed Made by Spouse
- Spouses Gifts deemed Made by Individual - Unified Credit
Sarah and Rob, spouses, have four adult children, Abe, Brenna, Carly, and David. In the current year, they made a number of gifts. Sarah gave Abe cash of $70,000 and Brenna stock valued at $62,000. Rob gave Carly stock valued at $42,000 and deposited $72,000 in a bank account in the names of Rob and David, joint tenants with right of survivorship. Later in the year, Rob withdrew $9,000 from the account, and David withdrew $7,200. Rob gave stock valued at $120,000 to his alma mater, State Technological Institute. Requirement Calculate the amount of taxable gifts for each spouse if they elect gift splitting. (Assume the current year is 2020. Select the labels and then calculate the amount of taxable gifts for each spouse if they elect gift splitting. Use a minus sign or parentheses for amounts to be subtracted.) Sarah Rob Minus: Plus: Minus: Taxable gifts
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