What are the gift tax consequences of an irrevocable

Assignment Help Accounting Basics

Reference no: EM13129652

What are the gift tax consequences of an irrevocable transfer of $10,000,000 in trust to grantor's son for life, with all income payable to son, then remainder to charity on son's death? Grantor makes no other transfers that year, and grantor is not married.

a. Gift of $10,000,000, less one $13,000 annual exclusion; and deduction for present value of remainder interest to charity as calculated using IRS tables.
b. Gift of $10,000,000, less two $13,000 exclusions; no deduction for remainder interest.
c. Gift to son of present value of income interest, less one $13,000 exclusion.
d. Gift of $10 million, less one $13,000 exclusion; no deduction for remainder interest.

Reference no: EM13129652

Questions Cloud

Illustrate what are the qualitative costs : Identify the differential, avoidable or relevant costs associated with the sourcing location for a call center for Bank of America? Illustrate what are the qualitative costs? Which ones are more important?

Statement regarding primary authority of tax law : Which of the following is a true statement regarding primary authority of tax law?

Calculate the molarity of an ammonia solution : Calculate the molarity of an NH3 solution made up of 37.5 g of NH3 in 70.0 g of water. The density of the solution is 0.982 g/mL

Proving irrationality : Show that log(r), where this is log base 10, is irrational when r is a positive rational that is not an integral power of 10

What are the gift tax consequences of an irrevocable : What are the gift tax consequences of an irrevocable transfer of $10,000,000 in trust to grantor's son for life, with all income payable to son, then remainder to charity on son's death? Grantor makes no other transfers that year, and grantor is n..

Custom decision support system for an international airline : A major international airline (of your choice) wants to upgrade its rostering tool, which has had many upgrades and still used some manual input. A salesman from CSIRO has convinced them to consider a new Intelligent Automated Rostering Toolkit

Describe the implications of the ggp bankruptcy : Explain whether you agree or disagree with the court’s decision to allow GGP’s SPEs to enter bankruptcy protection. Describe the implications of the GGP bankruptcy for the securitization markets.

Tax deductible program : Which of the following is issued by the IRS to indicate the tax consequences of a particular transaction in which several taxpayers may engage such as whether or not a stop smoking program is tax deductible?

Passed through a solution containing alanine : A direct current was passed through a solution containing alanine, Match the behavior with correct amino acid. The isoelectric point of histidine is 10.0.

User Account

All Pages