Question 1

Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of

Accepted Answer

A)  $50,000. 
B)  $170,000. 
C)  $120,000. 
D)  $0. 
A)  $50,000. 
B)  $170,000. 
C)  $120,000. 
D)  $0.

Question 2

Gloria makes the following gifts during the year: $16,000 cash to her son, Andy
Stock with a basis of $10,000 and a $31,000 fair market value to her sister, Helen
$100,000 to a revocable trust benefiting her nephew, George
Land with a basis of $60,000 and a fair market value of $50,000 to the American Cancer Society
Before considering the unified credit, what are Gloria's taxable gifts?

Accepted Answer

A)  $17,000 
B)  $45,000 
C)  $95,000 
D)  $121,000 
A)  $17,000 
B)  $45,000 
C)  $95,000 
D)  $121,000

Question 3

In 1998, Delores made taxable gifts to her son of property with an FMV of $200,000. In the current year when Delores dies, the property is worth $800,000. The amount included in Delores's estate tax base because of the 1998 gift is

Accepted Answer

A)  $0. 
B)  $189,000. 
C)  $200,000. 
D)  $800,000. 
A)  $0. 
B)  $189,000. 
C)  $200,000. 
D)  $800,000.

Question 4

A Crummey trust

Accepted Answer

A)  provides the donor with the ability to retrieve the property. 
B)  prohibits the beneficiary from withdrawing assets. 
C)  allows the donor an annual exclusion for transfers. 
D)  receives property that is not eligible for the annual exclusion. 
A)  provides the donor with the ability to retrieve the property. 
B)  prohibits the beneficiary from withdrawing assets. 
C)  allows the donor an annual exclusion for transfers. 
D)  receives property that is not eligible for the annual exclusion.

Question 5

Discuss the purpose of the gift tax annual exclusion.

Accepted Answer

Congress enacted the annual ex

Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of

In 1998, Delores made taxable gifts to her son of property with an FMV of $200,000. In the current year when Delores dies, the property is worth $800,000. The amount included in Delores's estate tax base because of the 1998 gift is

A Crummey trust

Discuss the purpose of the gift tax annual exclusion.

Tax Research

Corporate Formations and Capital Structure

The Corporate Income Tax

Corporate Nonliquidating Distributions

Other Corporate Tax Levies

Corporate Liquidating Distributions

Corporate Acquisitions and Reorganizations

Consolidated Tax Returns

Partnership Formation and Operation

Special Partnership Issues

S Corporations

The Estate Tax

Income Taxation of Trusts and Estates

Administrative Procedures

Us Taxation of Foreign-Related Transactions

Filters

Exam 12: The Gift Tax

Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of

In 1998, Delores made taxable gifts to her son of property with an FMV of $200,000. In the current year when Delores dies, the property is worth $800,000. The amount included in Delores's estate tax base because of the 1998 gift is

A Crummey trust

Discuss the purpose of the gift tax annual exclusion.

Tax Research

Corporate Formations and Capital Structure

The Corporate Income Tax

Corporate Nonliquidating Distributions

Other Corporate Tax Levies

Corporate Liquidating Distributions

Corporate Acquisitions and Reorganizations

Consolidated Tax Returns

Partnership Formation and Operation

Special Partnership Issues

S Corporations

The Estate Tax

Income Taxation of Trusts and Estates

Administrative Procedures

Us Taxation of Foreign-Related Transactions

Filters