Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Assignment: Comprehensive Tax Return
GIFT TAX (FORM 709)
James A. and Ella R. Polk, ages 70 and 65, are retired physicians who live at 13319 Tay-lorcrest Street, Houston, Texas 77079. Their three adult children (Benjamin Polk, Mi¬chael Polk, and Olivia Turner) are mature and responsible persons. The Polks have heard that some in Congress have proposed lowering the Federal gift tax exclusion from $5.34 million to $3 million. Although this change may not occur, the Polks feel they should take advantage of the more generous exclusion available under existing law, Thus, in 2015, the Polks make transfers of many of their high value investments. These and other gifts made during 2015 are summarized below,
Asset Transfer
Donor
James
Ella
Condominium located in Conroe (TX) acquired in 1999, cost $1.2 million, to Benjamin, Michael, and Olivia as equal tenants in common,
$1,900,000
Office building, located in Round Rock (TX) !quilt in 2001, cost $1.8 million, to Benjamin, Michael, and Olivia as equal tenants in common.
2,300,000
Vacation ranch in Bandera (TX) inherited by James from his father in 1996, value then $900,000, to Benjamin, Michael, and Olivia as equal joint tenants with right of survivorship.
2,600,000
-0-
Ella used her separate property to reimburse her father (Alan Roberts) for his heart bypass operation.
82,000
Paid for daughter's (Olivia's) wedding to John Turner
20,000
James used his separate property to purchase a new automobile (BMW) as a graduation present (from medical school) for his favorite niece (Carol Polk)
42,000
Prepare 2015 gift tax returns (Form 709) for both of the Polks. A § 2513 election to split gifts is made. The Polks have made no taxable gifts in prior years. Relevant Social Secu¬rity numbers are 123-45-6789 (James) and 123-45-6788 (Ella).
Determine the amount of income taxable in the United States, assuming that Bahamamama makes 40% of its sales in the Bahamas and 60% in other countries.
Evaluate the accuracy of the above statement using the GSTA 1985 and any relevant court law decisions to support your argument.
Consider the recent issue of organisations being accused of tax avoidance. Large multi-national corporations have been using complex, yet legal loopholes in tax legislation to avoid paying corporation tax in the United Kingdom.
Describe how a business charitable contribution is treated for tax purposes if the business owner is A sole proprietor and A 100% corporate shareholder.
Use formula for arc elasticity to evaluate elasticity along this portion of the curve.
How does the tax benefit rule apply in the following cases:In 2013, the Orange Furniture Store, an acrual.
in the market for air filters demand is represented by the function p110-4qd and supply is represented by the function
For each of the following organizations, determine its UBTI and any related UBIT. Worn, Inc., an exempt organization, provides food for the homeless.
Explain briefly the history of federal income taxes. Describe the basic progressive federal income tax methodology currently in use
Share at any time within six months after the option in written.
The interest rate on the debt is 6 percent and there are no taxes and Rolston Corporation is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II)
the short-run firm supply curve each of the subsequent situations could exist for a perfectly competitive firm in the
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd