Prepare a 2016 gift tax return for natalie

Assignment Help Taxation
Reference no: EM131749124

Question:

Natalie Bryan, a widow who lives at 425 Flathead Way, Kalispell, Montana 59901, has three adult children (Daniel Bryan, Amanda Green, and Samantha Cruz). During 2013, Natalie makes the following gifts to the children.

To Daniel. Office building in Helena acquired in 2001 at a cost of $900,000, current value $1.9 million.

To Amanda. Rental cabins in Whitefish inherited in 1999 (value $1,000,000) from her father, current value $1.8 million.

To Samantha. Vacation lodge on Flathead Lake acquired in 1995 at a cost of $800,000, current value $1.9 million.

Prepare a 2016 gift tax return (Form 709) for Natalie (Social Security number 123-45-6787). to compute the total taxable gifts (line 3) for her; stop with line 3 of page 1 but complete pages 2 and 3 of the return. Natalie made no taxable gifts in prior years.

Verified Expert

In the given assignment Form 709 is prepared for Natalia for calculation of Taxable gifts for the year 2016. Natalia had made gifts to her three children. Office building which she had purchased in 2001 was given to Daniel, the rental cabins that were inherited were given to Amanda and the Vacation Lodge was given to Samantha. The annual exclusion that can be claimed by Natalia is $ 14000 for 2016.The taxable gifts as calculated using the form 709 is 5586000 since as per the instructions the value of the gifts as on date will be taken.

Reference no: EM131749124

Questions Cloud

Investigation of innovative funding for a major development : ?Topic: Islamic Banking - Investigation of innovative funding for a major development using Islamic Financial Products
Present research findings to a specific set of stakeholders : How best to present research findings and recommendations to a specific set of stakeholders or constituents in one of the five components.
Compute the amount of marin company inventory : Marin Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No.
Discuss about self-employment income : Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $432,600 of self-employment income and Ruth has a self-employment.
Prepare a 2016 gift tax return for natalie : Prepare a 2016 gift tax return for Natalie - Natalie made no taxable gifts in prior years - from her father, current value $1.8 million
What are the socio-cultural causes of the stereotype : What are the socio-cultural causes of the stereotype? What are the historical causes of it? How is the stereotype created and perpetuated by media?
Examine the foundational research that grounded each theory : Empirical Foundation: Examine the foundational research that grounded each theory and any current research that supports the theory today.
Compute the desired minimum rate of return : Mason Corporation had $1,170,000 in invested assets, sales of $1,259,000, income from operations amounting to $245,000, and a desired minimum rate of return.
Discuss caterpillar is a manufacturer of forklifts : Caterpillar is a manufacturer of forklifts. Bob owns a retailer forklift dealership called Forklifts R Us. Caterpillar sells Bob 150 forklifts on credit

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

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