Chris received a gifted land in 2015. He has decided to dispose this land for $112,000 this year. In 2015, he received this land worth $115,000, and the donor's basis was $95,000. Determine Chris's gift basis for his disposition. Group of answer choices $95,000 $115,000 $112,000 SO
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- Herman purchased undeveloped land for $75,000 on July 10, 2014, and has held it as an investment since then. On May 9, 2020, when the land is worth $140,000, he donates it to a private nonoperating foundation. a. Herman's charitable contribution is $fill in the blank 1. b. Assume that Herman had donated the undeveloped land to a public charity. His charitable contribution would have been $fill in the blank 2.Jennifer Thompson is the grantor of the Jennifer Thompson Trust, a revocable grantor trust. Ten years ago, Jennifer acquired a piece of real estate for $200,000. A year later, she spent $14,000 in improvements on the property. This year, when the value of the property was $300,000, she transferred it to the trust. What is the trust's basis in the property? A. $200,000 B. $214,000 C. $300,000 D. $314,000Phillipe established a revocable living trust naming himself, his spouse, and his two children as income beneficiaries, and his grandchildren as remainder beneficiaries. He funded the trust with $300,000. What is the value of this trust for gift tax purposes? A) $50,000 B) $0 C) $250,000 D) $100,000
- Mr. and Mrs. Volo gave the following donations on July 1, 2020: Community Property was donated to Akari, sister of Mr. Volo. The fair market value of the property is P 650,000. To Rai, legitimate son on account of marriage, exclusive property of Mr. Volo worth P 150,000. The donor's tax due on Mr. Volo 12,900 8,400 9,000 13,500 000At the time of his death in 2022, Donald owned a farm (a qualified, closely held business) with a most suitable use value of $5,600,000 and a current use value of $3,920,000. a. If the special-use valuation election is made, Donald's gross estate must include how much as to the farm? 1,120,000 X Feedback ▼ Check My Work The major objective of the special use value election, is to provide a form of limited relief to protect the heirs against the possibility of having to sell a portion of the family farm to pay estate taxes. b. Assume the farm had a current use value of $5,040,000 (not $3,920,000). Donald's gross estate must include how much as to the farm? 5,040,0002. The gift tax payable of Mr. Alba on the July 14 donation is Mr. and Mrs. Alba gave the following donations: 05/03/19 Community property valued at P400,000 donated to Barbado, legitimate son who got married January 1, 2018. 07/14/19 Exclusive property of Mr Alba was donated to Carla, legitimate daughter who got married June 1, 2018. Value- P500,000. 12/30/19 Community property donated to Carla. The dowry has a market value of P800,000 08/05/20 Community property donated to Dianne, P700,000 with an unpaid mortgage of P150,000 assumed by the donee. Exclusive property of Mr. Alba was donated to ABC Corporation, cash of P200,000. O 21,800 O 27,000 O 30,000 O 6400
- Mr. Andres purchased a piece of land in 2001 for P500,000 when it was worth 450,000. He transferred the property when it was worth 1,000,000. Subsequently, Mr. Andres died when the property was worth 1,200,000.a. Assuming the donation is a donation mortis causa, what is the value to subjected to donors tax?b. Assuming the donation is a donation inter vivos, what is the value to subjected to donors tax?Mr. and Mrs. Gregorio Guzman, made the following donations in 2020: February 1, 2020-To daughter Helena, on account of marriage, a house and lot valued at P5,000,000, exclusively owned by Mr. Guzman. March 1, 2020-To daughter Olivia, as graduation gift in her course in culinary arts, various cooking equipment valued at P3,000,000, exclusively owned by Mrs. Guzman. June 1, 2020-To son Richard, a Mercedes Benz car valued at P6,000,000, with Richard assuming the chattel mortgage thereon of P2,200,000. November 25, 2020-To son William, an agricultural lot with a fair market value of P2,400,000. How much is the donor’s tax still due from Mr. Guzman upon the filing of the donor’s tax return on the donation made on November 25, 2020?Mark's will contains the following dispositive provisions. $10,000 to the American Cancer Society. $5,000 to the Pastor of my church. $4,000 to my cousin Vinny who has extensive medical issues. $4,000 to Grave Robbers, a nonprofit cemetery association. $3,000 to the First Presbyterian Church in London, England. What is the amount of the charitable deduction available to Mark's estate? Group of answer choices $10,000. $13,000. $17,000. $21,000. $26,000.
- In 2019, the community property of spouses A and B totaled P10,000,000.In January 2020, during marriage, X donated a property located in Manila to spouses A and B worth P2,000,000.In March 2021, A died due to COVID 19. Unpaid funeral expenses and Judicial expense are 200,000 and 300,000, respectively. What is the net distributable estate of A?Roberto has received various gifts over the years and has decided to dispose of the following assets he received as gifts in the transactions indicated below. Determine the recognized gain or loss from the following transactions, assuming that no Federal gift tax was paid when the gifts were made. a. In 1981, he received land worth $73,280. The donor's adjusted basis was $82,440. Roberto sells the land for $183,200 in 2020. _______ of $_________ is recognized. b. In 1986, he received stock in Gold Company. The donor's adjusted basis was $13,600. The fair market value on the date of the gift was $11,900. Roberto sells the stock for $17,000 in 2020. _______ of $_________ is recognized. c. In 1992, he received land worth $54,375. The donor's adjusted basis was $72,500. Roberto sells the land for $32,625 in 2020. _______ of $_________ is recognized. d. In 2013, he received stock worth $30,000. The donor's adjusted basis was $42,000. Roberto sells the stock for $38,000 in 2020. _______…Determine the correct value for each of the following questions: 1. Assume that an individual gives cash to the following parties: $25,000 to a charitable organization, $15,000 to her grandson for his college tuition, $8,000 to her granddaughter to buy a car, and $14,000 to her spouse for a trip to France. What amount of gifts is considered taxable? 2. Assume that an individual has given $25,000 to each of his four grandchildren for each of the past three years and $50,000 to a charitable organization. If he wants to make a single gift to each of his four grandchildren, what would the maximum gift per grandchild be in order to avoid all gift tax? 3. Your client made the following gifts last year: $200,000 to each of her three children, $50,000 to her brother, and $10,000 to each of her eight grandchildren. Prior to that, your client made a single gift of $50,000 to each of her two nieces. If she made a gift of $5,348,000 to her sister in the current year, what amount of gift tax would…
