Gift tax liability under the assumption

Reference no: EM13149475

In 2009, Sondra makes taxable gifts aggregating $ 2 million. Her only other taxable gifts amount to $ 700,000, all of which she made in 1997.

a. What is Sondra's 2009 gift tax liability?

b. What is her 2009 gift tax liability under the assumption that she made the $ 700,000 of taxable gifts in 1974 instead of 1997?

Reference no: EM13149475

Questions Cloud

Determining total budgeted cost of direct labor : The production of each TV set requires 1.5 direct labor hours. The average cost of each direct labor hour is $10.50. If scheduled production for May is 2,000 TVs, what will be the total budgeted cost of direct labor?

Live on a small island : The remaining ten men are also farmers but they produce coconuts without shovels. Each such farmer can produce 50 coconuts per year.

Preparation of financial statements : One part of financial accounting involves the preparation of financial statements. What are the financial statements most frequently provided?

Calculate the change in energy of the gas : A gas expands and does P-V work on the surroundings equal to 327 J. At the same time, it absorbs 121 J of heat from the surroundings. Calculate the change in energy of the gas.

Gift tax liability under the assumption : What is Sondra's 2009 gift tax liability? What is her 2009 gift tax liability under the assumption that she made the $ 700,000 of taxable gifts in 1974 instead of 1997?

Use chebyshev-s theorem-empirical rule to solve problem : According to Chebyshev's Theorem, how many students scored between 57 and 93? Assume that the distribution is normal. Based on the Empirical Rule, how many students scored between 57 and 93?

Explain what are some ways to induce recrystallization : What are some ways to induce recrystallization (Name 3), if your solute refuses to recrystallize after performing the required 7 steps?

Explain the tools used to pursue expansionary : Explain the tools used to pursue expansionary and contractionary fiscal policy. During which phases of the business cycle would each be appropriate? b) Explain what is meant by a built-in stabilizer and give two examples.

What is the identity of the metal : One way to isolate metals from their ores is to react the metal oxide with carbon as shown in the following reaction: 2MO(s) + C(s) → 2M(s) + CO2(g)

User Account

All Pages