User Account

All Pages

What is john gift tax

Assignment Help Accounting Basics
Reference no: EM131871781

Question - In 2015, John made a single, large cash gift to his father in the amount of $7,194,000. Two years ago, John had made taxable gifts that totaled $400,000. For 2015, John computed the gift tax as follows:

• Gift amount $7,194,000

• Less, annual exclusion (13,000)

• Taxable gift $7,181,000

• Less, remaining exemption amount (4,600,000)

• Tax base $2,581,000

• Tax on $6,400,000 $ 978,200

If $978,200 is not the correct gift tax for this situation, what is John's gift tax for 2015?

A. None of the other answers is correct.

B. $976,800 is the correct gift tax for 2015

C. $2,755,800 is the correct gift tax for 2015

D. $160,200 is the correct gift tax for 2015

E. $860,000 is the correct gift tax for 2015

Reference no: EM131871781

Questions Cloud

What are the expected rates of reimbursement : What are the expected rates of reimbursement for this time frame for each payer? What is your expected A/R?
Review the data from the index of economic forecasts : The first is your initial thought on the topic and the other 2 will be your response to your classmates. This creates a robust platform for sharing everyone
Identify a challenge a specific organization faces : Identify a challenge a specific organization that is not a learning organization faces; diagnose issue by describing impact of one or more system archetypes.
Determine the amount of sarasota company inventory : Sarasota Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.
What is john gift tax : Two years ago, John had made taxable gifts that totaled $400,000. If $978,200 is not the correct gift tax for this situation, what is John's gift tax for 2015
Analyze alternative viewpoints conclusions and solutions : Once you have completed your analysis of the incident, the next step is to analyze alternative viewpoints, conclusions, and solutions.
Define the pressing issues requiring immediate attention : Define the pressing issues requiring immediate attention from corporate leaders. What corporate structure makes the best sense in the current situation?
What is the amount of cost of goods sold : Company uses A periodic inventory system. Beginning inventory consisted of 360 units that cost $65 each. Using LIFO, what is the amount of cost of goods sold
What is the goods available for sale at cost : Piper uses the conventional retail method to determine its ending inventory at cost. What is the goods available for sale at cost

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why would reclassifying period costs as product costs

Why would reclassifying period costs as product costs increase this period's reported earnings? Do you believe Gallant's actions are ethical? Why or why not

  Compute the variable overhead efficiency variance

The Liski Company has established standards as follows: Direct labor 2 hours @ $8/hour = $16 per unit. The variable overhead efficiency variance is

  Swish company is highly automated and uses computers to

swish company is highly automated and uses computers to control manufacturing operations. the company has a job-order

  How should mr wrong have recorded the transaction

You are an accounting student taking class in accounting.How should Mr. Wrong have recorded the transaction? What are the ethical aspects of Mr. Wrong's action?

  How much of the loss from the partnership

How much of the loss from the partnership can Jean deduct?

  Calculate internal rate of return and net present value

DCF, accrual accounting rate of return, working capital, evaluation of performance, no income taxes. Laverty Clinic plans to purchase a new centrifuge machine.

  Complete accounting cycle and financial statements

(Complete accounting cycle and financial statements) The city council of E. Staatsboro approved the following budget for the General Fund for fiscal year 2013.

  Enter all the given transactions in t-accounts

The interest payable on the bank loan. Credit Accrued Liabilities. Enter all the above transactions in T-Accounts and show the appropriate journal entries

  Under the equity method of accounting depreciation and

under the equity method of accounting depreciation and amortization of the date-of-business-combination differences

  Input offset voltage results in case

What input offset voltage results in each case? What does the MOS VOS become if the devices are increased in width by a factor of 4 while the bias current is kept constant?

  Rank the projects in order of their desirability

Wellington Corporation estimates that it will have $500,000 available for capital investments next year. Rank the projects in order of their desirability

  Wich of the following regarding preferred stock is true

which of the following regarding preferred stock is true? the price in the market remains at par if the required rate

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd