How much of the following gifts are included in the adjusted taxable gifts calculation of a decedent who died in 2019 and what happens if the IRS questions your treatment of the item: Decedent made annual exclusion gifts of $10,000 to each of his 10 grandchildren from 2001 through 2009? Decedent made a gift of $60,000 to Son in 2000 (when the annual exclusion for gifts was $10,000 per donee per year) and did not file a gift tax return for the 2000 year? Decedent made a gift of $510,000 (when the annual exclusion for gifts was $10,000 per donee per year) to Daughter in 2000 and fully disclosed the transfer in a timely filed gift tax return? The gift valuation was net of a 50% discount for lack of marketability.

Crenshaw had the following happen during tax year 2021: Forclosure on his main home resulting in the discharge of his mortgage. Paid tuition to attend a qualified education program. Surgery to repair the torn ACL in his knee. Which of these situations is NOT eligible as a deduction or exclusion under the extender provisions of 2021

During the current year, David sells a tract of land for $700,000. The property was received as a gift from Marva on March 10, 1995, when the property had a $340,000 fair market value (FMV). The taxable gift was $330,000 because the annual exclusion was $10,000 in 1995. Marva purchased the property on April 12, 1980, for $76,000. At the time of the gift, Marva paid a gift tax of $17,000. In order to sell the property, David paid a sales commission of $21,000. Read the requirements. Requirement a. What is David's realized gain on the sale? Select the formula, then calculate David's realized gain on the sale. (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar.) Minus: Realized gain Requirement b. How would your answer to Part a change, if at all, if the FMV of the gift property was $45,000 as of the date of the gift? The realized gain in this scenario is

Chris is single, 44 years old and earned $5,000 taxable compensation in 2023. She has two traditional IRA accounts, already contributing $4,000 to the first and $0 to the second in 2023. How much may she contribute on a tax deferred basis to the second IRA for the 2023 tax year?

Individual taxpayer entered into the following transactions in 20X1 with long-term owned property: Taxable Year: 20X1 Property Bonds Shares sale price $100,000 $75,000 Adjusted Basis $150,000 $60,000 During taxable year 20X2 the taxpayer did not carry out any property transactions and did not follow capital gains or losses. Your net income subject to tax for taxable years 20X1 and 20X2 is $20,000 and $600, respectively. How much can the taxpayer claim as a capital loss deduction in 20X2?

Jerome and Shanna sold a piece of property for $300,000, claiming that their basis was $150,000 and report a taxable gain of $150,000. Their 2019 return filed in February 2020 reported gross income of $250,000. Jerome and Shanna later determine that the property’s basis was actually $50,000, not $150,000, resulting in a $100,000 under-statement of income on the 2019 return. The statute of limitations period in which the IRS may assess additional tax in this situation expires on April 15 of what year?

Jacinto sold a plot of land to Eva on July 31,2021 for $25000, and Jacinto basis in the property was 15000. Eva made one payment of $5000 during 2021 and agree to pay additional $5000 each year, plus interest for the next 4 years. Using the installment method what is Jacinto taxable gain for 2021

Melissa is a very generous single woman. Before this year (2023), she gave over $12,920,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. In the current year, Melissa gave her daughter Riley $100,000 and promptly filed her gift tax return. Melissa did not make any other gifts this year. How much gift tax must Riley pay the IRS because of this transaction?   A.$0 B.$33,200 C.$40,000 D.$45,000

At the beginning of 2016, the following information related to James Murphy: Year 2014- Taxable Income = $55000. Amount withheld = $53000 Year 2015- Taxable Income = $59000. Amount withheld = $54000 Year 2016- Taxable amount = $66000. Amount withheld = $ 60000 Is James required to make instalment payments during 2016? If the answer is yes, what amounts will he be paying and which alternative is the best. Include the due dates for the instalment.

Elizabeth made taxable gifts of $6,850,000 in 2021 and $8,905,000 in 2023. She paid no gift tax on the 2021 transfer. On what amount is the Federal gift tax computed for the 2023 gift?