Elizabeth made taxable gifts of $6,900,000 On what amount is the Federal gift tax computed for the 2022 gift? $ and $8,9 2022. She paid no gift tax on the 202
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- Elizabeth made taxable gifts of $6,900,000 in 2020 and $8,970,000 in 2022. She paid no gift tax on the 2020 transfer. On what amount is the Federal gift tax computed for the 2022 gift? X Feedback Check My Work Like the income tax, which uses taxable income (not gross income) as a tax base, the gift tax usually does not apply to the full amount of the gift. Deductions and the annual exclusion may be allowed to arrive at an amount called the taxable gift.Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00Question #19 of 85 Question ID: 1342422 Your client and her husband agreed to split the following lifetime cash gifts: Total Gifts to Son Total Gifts to Daughter 2014 $90,000 $70,000 2021 $80,000 $100,000 How much of your client's applicable credit is used by the 2021 gifts only? Use the Unified Federal Estate and Gift Tax Rates table. A) $11,080 B) $58,800 C) $16,320 D) $24,400
- Problem 18-35 (LO. 5) Using property she inherited, Lei makes a 2022 gift of $16,200,000 to her adult daughter, Doris. Neither Lei nor her spouse, Greg, have made any prior taxable gifts. Assuming that a flat 40% tax rate applies, determine the Federal gift tax liability if (a) the election to split gifts is not made and (b) the election to split gifts is made. (c) What are the tax savings from making the election? The unified transfer tax exclusion amount for 2022 is $12,060,000. If an amount is zero, enter "0". a. If the election to split gifts is not made, the taxable gift is $ b. If the election to split gifts is made, then the taxable gift from Lei is $ due from Lei is $ and from Greg is $ c. The tax savings from making the election is $ and gift tax due on the gift is $ and from Greg is $ . Gift taxQuestion 14 Which of the following statements is most correct about the $5,000 or 5% (5x5) rule? It converts a future interest gift into a present interest gift. It eliminates estate taxation in the grantor's estate for lifetime gifts to a trust. The rule prevents a release or lapse of a power of appointment from being taxed as a gift if it meets the requirements of the rule. The rule states that if a trust distributes no more than the greater of $5,000 or 5% of the trust corpus to any beneficiary, that amount will not be subject to the income tax when received by the beneficiary Question 15 Donald puts a lot of money into a bucket and gives Melania a power of appointment over the money in the bucket. Melania has the power to distribute that money to any other human being on the planet except herself, her creditors, her estate, or her estate's creditors. What is the correct name for her power of appointment? It is a/an: General…Problem 8-49 (LO 8-1) (Algo) In 2023, Jasmine and Thomas, a married couple, had taxable income of $152,500. If they were to file separate tax returns, Jasmine would have reported taxable income of $142,500 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. Marriage benefit =
- Problem 8-49 (LO 8-1) (Algo) In 2023, Jasmine and Thomas, a married couple, had taxable income of $155,500. If they were to file separate tax returns, Jasmine would have reported taxable income of $145,500 and Thomas would have reported taxable income of $10,000 Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. Marriage benefit Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Assuming Carding uses the OSD, how much is the total income tax due on his income in 2021? a. 202,000 b. 246,000 c. 265,000 d. 268,000Your client and her husband agreed to split the following lifetime cash gifts: Total Gifts to Son Total Gifts to Daughter 2014 $90,000 $70,000 2021 $80,000 $100,000 How much of your client's applicable credit is used by the 2021 gifts only? Use the Unified Federal Estate and Gift Tax Rates table. A) $16,320 B) $24,400 C) $58,800 D) $11,080
- Hw.67. X corporation, an accrual basis taxpayer wishes to adopt the cash basis method for 2022. At the endof 2021, X has accounts receivable of 10,000 and accrued expenses of 8,000. Assume these amountssettle (are paid) in 2022. Assuming the IRS grants consent, what amounts are reflected on X’s taxreturns for 2021 and 2022 based on just these facts?(No COVID provisions) Fiduciary Investments paid its employee, Yolanda, wages of $139,000 in 2020. Calculate the FICA tax: If required, round your answers to two decimal places. Withheld fromYolanda's wages: Social Security $ Medicare $2,015.5 Paid by Fiduciary: Social Security $ Medicare $2,015.5 Total FICA Tax $49-Basma earns £60,000 each year and makes a payment of £2,500 (net) to the gift aid donations. Which one of the following is an extended basic rate band for the year 2019/20 as per the UK tax laws? O a. £40,600 O b. £40,625 O c. £37,500 O d. £3,125
