Orellys seeks advice from her tax attorney Jesica. Orellys states that her aunt Melissa informed her...
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Orellys seeks advice from her tax attorney Jesica. Orellys states that her aunt Melissa informed her that she would like to give her a parcel of land that she purchased 20 years ago for $130,000. Melissa can make the gift while she is alive or at the time of her death. The land is currently worth $1,400,000. Orellys would like to sell the land as soon as it it titled to her. If we assume that the value of the land will remain the same (i.e. $1,400,000), what should Amanda say to Orellys about the timing impact of the gift or inheritance (i.e. will there be a difference in the gain or loss and why?) Orellys seeks advice from her tax attorney Jesica. Orellys states that her aunt Melissa informed her that she would like to give her a parcel of land that she purchased 20 years ago for $130,000. Melissa can make the gift while she is alive or at the time of her death. The land is currently worth $1,400,000. Orellys would like to sell the land as soon as it it titled to her. If we assume that the value of the land will remain the same (i.e. $1,400,000), what should Amanda say to Orellys about the timing impact of the gift or inheritance (i.e. will there be a difference in the gain or loss and why?)
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Answer rating: 100% (QA)
Here the gift while incur gift tax if its given while she is alive However it will not ... View the full answer
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
Posted Date:
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