On March 1 Bruce transfers $300,000 to a revocable trust with Sprint Bank as trustee. The...
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On March 1 Bruce transfers $300,000 to a revocable trust with Sprint Bank as trustee. The trustee must pay out all the income to Sam during Sam's lifetime. At Sam's death, the property is to be paid to Sam, Jr. On December 31 the trustee distributes $40,000 of income to Sam. What date did a gift occur? What was the amount of the gift? On June 1, Sherri deposits $60,000 into a new joint bank account in the names of Sherri and John. Her friend, John, deposits $10,000. On December 15th, John withdraws $35,000 from the joint account. What are the gift tax consequences, if any? On March 1 Bruce transfers $300,000 to a revocable trust with Sprint Bank as trustee. The trustee must pay out all the income to Sam during Sam's lifetime. At Sam's death, the property is to be paid to Sam, Jr. On December 31 the trustee distributes $40,000 of income to Sam. What date did a gift occur? What was the amount of the gift? On June 1, Sherri deposits $60,000 into a new joint bank account in the names of Sherri and John. Her friend, John, deposits $10,000. On December 15th, John withdraws $35,000 from the joint account. What are the gift tax consequences, if any?
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South western Federal Taxation 2018 Essentials of Taxation Individuals and Business Entities
ISBN: 9781337386173
21st edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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