Jordan, a single woman, enjoys giving gifts to others and has given taxable gifts of $$1,000,000$ in prior years.

This year she gave the following gifts:

 Recipient $/$ Gift $/$ Amount

Judy $/$ Cash to pay Judy's Medical bills $/$ $$32,000$

Mark $/$ New car $/$ $$48,000$

Kristen $/$ Painting $/$ $$7,000$

LSU $/$ Check to pay fir Haley's tuition for the year $/$ $$19,000$

Complete the following chart to calculate Jordan's gift tax liability due for $2022$

$1.$ Total Gifts

$2.$ Less Annual Exclusions

$3.$ Less qualified transfers

$4.$ Less marital deductions

$5.$ Equals: Total taxable gifts

$6.$ Add: Previous Taxable Gifts $($post $1976)$

$7.$ Equals: Tentative Tax Vase $($TTB$)$

$8.$ Tentative Tax $($TT$)$

$9.$ Less: Previous Gift Tax Paid

$10.$ Less: Unified Credit

$11.$ Equals: Gift Tax Liability

 

 

NOTE: When Answering, number $1-11$ for ALL answers.

Answer rating: 100% (QA)

1 Total Gifts 32000 Judy 48000 Mark 7000 Kristen 19000 LSU 106000 2 Less Annu... View the full answer