What are the gift tax consequences

Assignment Help Financial Accounting
Reference no: EM131214494

1. Which of the following transactions does not constitute a completed gift for federal gift tax purposes?

a. An outright gift of $100,000 to a United States citizen spouse.

b. A gratuitous transfer of $1,000,000 to an irrevocable trust, with a life estate to the grantor's sister, and the remainder to a grandchild.

c. A year-end bonus of $15,000 to the vice-president of finance from the majority shareholder.

d. All are gifts.

2. What are the gift tax consequences if donor transfers $2 million to donor’s former spouse as a property settlement pursuant to a written divorce agreement?

a. There is no marital deduction available if the donee/former spouse is not a U.S. citizen.

b. The transfer is not considered a gift for federal gift tax purposes.

c. There is a gift, and the marital deduction is available in this case regardless of the citizenship of the donee/former spouse.

d. None of the above is correct.

Reference no: EM131214494

Record the journal entry for the purchase of the equipment

ABC Company purchases a new machine. The machine costs are $100,000. The company also must pay freight of $500 to get the machine delivered and $1,000 to get the machine insta

Calculate mirandolina inns year four pension expense

Mirandolina Inns' management are concerned about the size of the pension fund deficit at the end of year 4. Calculate Mirandolina Inns' year 4 pension expense and end-year 4 p

Indirect method of cash flow from from operating activities

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. If needed, use the minus sign to indicate cash outflows, ne

Calculate current and non current assets

According to the IFRS for SMEs, calculate current and non-current assets, at 31 December 20X1.- Show the calculation for equities, at 31 December 20X1. Write the relevant equa

Explain the significance of a high price-earnings ratio

Explain the significance of a high price-earnings ratio. Indicate how each event affects the elements of financial statements. Use the following letters to record your answer

Assuming howie can earn an rate of return

Assuming Howie can earn an 8% rate of return (compounded annually) on any money invested during this period, which payout option should he choose?

How each event affects the elements of financial statements

Indicate how each event affects the elements of financial statements (1. assets 2. Liabilities 3. Equity 4. Revenues 5. Expenses 6. Net income 7. Cash flow). In performing the

Withheld from his wages from working two job

Harry has two jobs. He earns $117,700 from his first job and $10,000 from his second job. How much total FICA withholding will Harry have withheld from his wages from working

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd