Brad and angelina are a wealthy couply who have three

Assignment Help Accounting Basics

Reference no: EM13571909

Brad and Angelina are a wealthy couply who have three children, Fred, Bridget, and Lisa. Two of the three children, Fred and Bridget, are from Brad's previous marriages. On Christmas last year, Brad gave each of the three children a cash gift of $10,000, and Angelina gave Lisa an additional cash gift of $40,000. Brad also gave stock worth $40,000 to the Actor's Guild.

a. Brad and Angelina have chosent to split gifts. Calculate Brad's gift tax. Assume that Angelina has no previous taxable gifts, but Brad reported previous taxable gifts of $2 million in 2009 when he used $345,800 of unified credt and paid $435,000 of gift taxes.

b. Fill out parts 1 and 4 of Form 709 for Brad.

Reference no: EM13571909

Questions Cloud

To pay for her college education gina is saving 2000 at : to pay for her college education gina is saving 2000 at the beginning of each year for the next eight years in a bank

What amount of write-offs occurred during 2014 remember the : excerpts from pekola companys annual report are provided belowin millionsincome statement20142013revenues all on

The dividends are anticipated to maintain an 8 percent : the next dividend payment by xyz co. will be 3 per share. the dividends are anticipated to maintain an 8 percent

Design a disaster recovery plan that addresses these : design a disaster recovery plan that addresses these potential hazards. assume that you are the emergency operations

Brad and angelina are a wealthy couply who have three : brad and angelina are a wealthy couply who have three children fred bridget and lisa. two of the three children fred

New equipment was purchased for 59000 with payment made as : prepare a statement of cash flows indirect method in good form for lynch foundries inc. for 2014.information in

Read the topic carefully write a three to four 3-4 page : the project paper focuses on a suggested topic related to art architecture history music or literature. the project

An offer to manage the business for 10 years that would : 1. the board of samad corp. a family-owned corporation wishes to sell the business and is considering three offersget

I you deposit 45000 in a savings account that pays 10 : if you deposit 45000 in a savings account that pays 10 interest compounded monthly for 5 years. what is the future

User Account

All Pages