User Account

All Pages

Directions prepare a federal gift tax return form 709 based

Assignment Help Accounting Basics
Reference no: EM13375580

Directions: Prepare a federal gift tax return (Form 709) based on the following information for Wanda Bickford. Use the 2013 Gift Tax forms. Bill agrees to gift split.

Facts:

Bill and Wanda Bickford are married to each other throughout all the years in question. Bill made no taxable gifts in earlier periods. Wanda’s previous taxable gifts were $3,000,000 in 1985 and $1,800,000 in 1988.

Assume the applicable interest rate for valuing life estates and remainders is 4%.

In August 2013, Wanda makes the following gratuitous transfers:

$80,000 in cash to son Billy

$28,000 in jewelry to daughter Betsy

$30,000 in medical expense payments to Downtown Hospital for medical care of grandson Tim.

Remainder interest in vacation cabin to friend Ruth Cain. Wanda (age 60) retains a life estate.

The vacation cabin is valued at $100,000

$600,000 in stocks to a bank in trust with all of the income payable semiannually to husband Bill (age 72) for life and remainder payable at Bill’s death to Jeff Bass, Wanda’s son from an earlier marriage, or Jeff’s estate. Wanda wants to elect the marital deduction.

Bill made the following transfers in 2013: ? $80,000 of stock to State University $600,000 of land to daughter Betsy

Reference no: EM13375580

Questions Cloud

1 countess aether now a california resident owns a 60 : 1. countess aether now a california resident owns a 60 interest in the gore general partnership which only does
Economists generally agree that high budget deficits today : economists generally agree that high budget deficits today will reduce the growth rate of the economy in the future.
If the head of the central bank of japan wanted to expand : if the head of the central bank of japan wanted to expand the supply of money in japan in 2009 which of the following
1explain why the short-run aggregate supply curve is not : 1.explain why the short-run aggregate supply curve is not vertical but the long-run aggregate supply curve is
Directions prepare a federal gift tax return form 709 based : directions prepare a federal gift tax return form 709 based on the following information for wanda bickford. use the
You are between jobs and have decided to relocate to a city : you are between jobs and have decided to relocate to a city east of the mississippi river but you are unsure of what
Imagine that you work for the maker of a leading brand of : imagine that you work for the maker of a leading brand of low calorie frozen microwavable food that estimates the
1 according to the textbook natural scientists often : 1. according to the textbook natural scientists often conduct research via controlled experiments whereas
Cyber attacksnbspin public companies please respond to the : cyber attacksnbspin public companies please respond to the followingfrom the e-activity analyze the effects of the secs

Reviews

Write a Review

Accounting Basics Questions & Answers

  Amount of dividends received by common stockholders

Manner inc. has 15000 shares of 6%, $100 par value, noncumulative preferred stock and 30,00 shares of $1 par value common stock outstanding at december 31, 2011. there were no dividends declared in 2010. The board of directors declares and pays a ..

  Amount withdraw-interest compounded annually

Maria Alvarez is investing $300,000 in a fund that earns 8% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 20 years?

  Estimating basic earnings per share

Rice Inc. had 420 million shares of common stock and 1 million shares of 6%, $200 par, cumulative preferred stock outstanding at the end of 2008 and 2009.

  Basics of amount of loss on realization

After all noncash assets are sold and all liabilities are paid, there is a cash balance of $80,000. What amount of loss on realization should be allocated to Barbara?

  Average fixed cost per unit

For the activity level of 2500 units, compute: (a) the total variable cost; (b) the total fixed cost; (c) the total cost. d. the average variable cost per unit, e. the average fixed cost per unit; and (f) the average total cost per unit. Assume th..

  Explain the differences in operating income

There are no price, efficiency, or spending variances, and any production-volume variance is directly written off to cost of goods in the quarter in which it occurs.

  Basics of amount of contract costs incurred

What is the amount of contract costs incurred during the year ended December 31, 2012?

  Finding correct consolidated statements

Giant produces consolidated financial statements to combine the two companies. Which of the following statements is correct about these consolidated statements?

  Compute the 2012 tax liability for charlotte

Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her. She also maintains the household in which her parents live and furnished 60% of their support.

  Consider p ltd a one-asset firm with no liabilities assume

consider p. ltd a one-asset firm with no liabilities. assume that the asset will generate end-of-year cash flows of 300

  What income does alan recognize from the distribution

Caravan Corporation has always been an S corporation. Caravan Corporation is 100% owned by Alan Merten. On January 1, Alan has an adjusted basis of $50,000 in his Caravan stock.

  Aligning the balanced scorecard to strategy

Aligning the Balanced Scorecard to Strategy

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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