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 taxable income before considering expense.
Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.
Explain what is meant by income by ordinary concepts
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
Show the tax issues that are raised and the relevant sections of the legislation.
Brief statement in your own words of the facts of the cases.
Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Prepare the required journal entry to record the tax expense
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
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