How much of the following gifts are included in the adjusted taxable gifts calculation of a decedent who died in 2019 and what happens if the IRS questions your treatment of the item: Decedent made annual exclusion gifts of $10,000 to each of his 10 grandchildren from 2001 through 2009? Decedent made a gift of $60,000 to Son in 2000 (when the annual exclusion for gifts was $10,000 per donee per year) and did not file a gift tax return for the 2000 year? Decedent made a gift of $510,000 (when the annual exclusion for gifts was $10,000 per donee per year) to Daughter in 2000 and fully disclosed the transfer in a timely filed gift tax return? The gift valuation was net of a 50% discount for lack of marketability.
How much of the following gifts are included in the adjusted taxable gifts calculation of a decedent who died in 2019 and what happens if the IRS questions your treatment of the item: Decedent made annual exclusion gifts of $10,000 to each of his 10 grandchildren from 2001 through 2009? Decedent made a gift of $60,000 to Son in 2000 (when the annual exclusion for gifts was $10,000 per donee per year) and did not file a gift tax return for the 2000 year? Decedent made a gift of $510,000 (when the annual exclusion for gifts was $10,000 per donee per year) to Daughter in 2000 and fully disclosed the transfer in a timely filed gift tax return? The gift valuation was net of a 50% discount for lack of marketability.
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 39P
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- How much of the following gifts are included in the adjusted taxable gifts calculation of a decedent who died in 2019 and what happens if the IRS questions your treatment of the item:
- Decedent made annual exclusion gifts of $10,000 to each of his 10 grandchildren from 2001 through 2009?
- Decedent made a gift of $60,000 to Son in 2000 (when the annual exclusion for gifts was $10,000 per donee per year) and did not file a gift tax return for the 2000 year?
- Decedent made a gift of $510,000 (when the annual exclusion for gifts was $10,000 per donee per year) to Daughter in 2000 and fully disclosed the transfer in a timely filed gift tax return? The gift valuation was net of a 50% discount for lack of marketability.
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