Essay
Vincent makes the following gifts during 2014:
$15,000 cash gift to wife
Gift of automobile valued at $35,000 to his adult son
Gift of golf clubs valued at $5,000 to a friend
$10,000 contribution to church
Although he is married,none of the gifts are considered joint gifts with his wife.What are the total taxable gifts subject to the unified transfer tax?
Correct Answer:
Verified
$0 (no transfer tax on gift to spouse)+ ...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q9: The term "tax law" includes<br>A)Internal Revenue Code.<br>B)Treasury
Q10: When property is transferred,the gift tax is
Q13: Shaquille buys new cars for five of
Q13: The largest source of revenues for the
Q20: Gifts made during a taxpayer's lifetime may
Q23: Leonard established a trust for the benefit
Q36: A taxpayer's average tax rate is the
Q55: The primary liability for payment of the
Q79: Charlotte pays $16,000 in tax deductible property
Q82: Helen,who is single,is considering purchasing a residence