A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver. To choose: The gift taxable to the recipient.

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Chapter 2, Problem 20MCQ

To determine

Concept Introduction:

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver.

To choose: The gift taxable to the recipient.

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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…

22.Which of the following gifts would probably be taxable to the person receiving the gift? One thousand dollars given to a taxpayer by his or her father An acre of land given to a taxpayer by a friend A car given to a loyal employee by her supervisor when she retired to recognize her faithful service A Mercedes-Benz given to a taxpayer by his cousin An interest in a partnership given to a taxpayer by his or her uncle 24.Hillary gets divorced in 2019 and is required to pay her ex-spouse $200 per month until her son reaches 18 years of age in 7 years and $120 per month thereafter. How much of her 2020 payments are deductible as alimony? $0 $2,400 $1,440 $960

Identify the transfers subject to Federal gift tax. a. Direct payment of medical expenses of $42,000 for a niece who is not a dependent. b. Frank conveys title to his home to himself and his daughter Susan as joint tenants. Under state law, Frank cannot regain title to Susan’s interest without her consent. The value of the home is $475,000. c. Direct payment to a college for nephew’s tuition expenses or $9,500 and $5,500 for room and board.

Answer 2

Question

Chapter 2, Problem 20MCQ

To determine

Concept Introduction:

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver.

To choose: The gift taxable to the recipient.

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Answer 3

Question

Chapter 2, Problem 20MCQ

To determine

Concept Introduction:

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver.

To choose: The gift taxable to the recipient.

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Answer 4

Question

Chapter 2, Problem 20MCQ

To determine

Concept Introduction:

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver.

To choose: The gift taxable to the recipient.

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Answer 5

Chapter 2, Problem 20MCQ

To determine

Concept Introduction:

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver.

To choose: The gift taxable to the recipient.

Answer 6

Chapter 2, Problem 20MCQ

To determine

Concept Introduction:

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver.

To choose: The gift taxable to the recipient.

Answer 7

Chapter 2, Problem 20MCQ

To determine

Concept Introduction:

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver.

To choose: The gift taxable to the recipient.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 2 - The definition of gross income in the tax law is:...Ch. 2 - Prob. 2MCQ Ch. 2 - Prob. 3MCQ Ch. 2 - Prob. 4MCQ Ch. 2 - Prob. 5MCQ Ch. 2 - Which of the following items would be included in...Ch. 2 - Malin is a married taxpayer and has three...Ch. 2 - George works at the Springfield Nuclear Plant as a...Ch. 2 - Prob. 9MCQ Ch. 2 - Which of the following will result in the...

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver. To choose: The gift taxable to the recipient.

Solution Summary: The author explains that a gift may be given in cash or in kind. The fair market value of the land is added to the recipient's gross taxable income.

Concept Introduction:

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver.

To choose: The gift taxable to the recipient.

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Chapter 2 Solutions

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver. To choose: The gift taxable to the recipient.

Solution Summary: The author explains that a gift may be given in cash or in kind. The fair market value of the land is added to the recipient's gross taxable income.

Concept Introduction: A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver. To choose: The gift taxable to the recipient.

Want to see the full answer?

Chapter 2 Solutions

Concept Introduction:

A gift may be given in cash or in kind. A gift may or may not be taxable in the hands of the receiver. A gift given to a family relative person is not taxable in the hands of the receiver.

To choose: The gift taxable to the recipient.