n 2019, Sarah makes taxable gifts aggregating $295,000. Her only other taxable gifts amount to $205,000, all of which she made in 1997. What is Šarah's 2019 gif ax liability? Complete the table below to determine Sarah's 2013 gift tax liability. Select one) Remaining Unified Credit (Actually used) /Tax at current rates on umulative taxable gifts /Tax at current rates on prior period taxable gifts Minus: (Select one) Remaining Unified Credit (Actually used) /Tax at current rates on cumulative taxable gifts /Tax at current rates on prior period taxable gifts ax on taxable gifts for the current period $. Minus: (Select one) Remaining Unified Credit (Actually used) / Tax at current rates on cumulative taxable gifts / Tax at current rates on prior period taxable gifts

n 2019, Sarah makes taxable gifts aggregating $295,000. Her only other taxable gifts amount to $205,000, all of which she made in 1997. What is Šarah's 2019 gif ax liability? Complete the table below to determine Sarah's 2013 gift tax liability. Select one) Remaining Unified Credit (Actually used) /Tax at current rates on umulative taxable gifts /Tax at current rates on prior period taxable gifts Minus: (Select one) Remaining Unified Credit (Actually used) /Tax at current rates on cumulative taxable gifts /Tax at current rates on prior period taxable gifts ax on taxable gifts for the current period $. Minus: (Select one) Remaining Unified Credit (Actually used) / Tax at current rates on cumulative taxable gifts / Tax at current rates on prior period taxable gifts

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 31P

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Similar questions

Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019, she sells the land for 38,000. Chelseas taxable income without considering the land sale is 100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability?
Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For 2020, Emilys income tax information before taking into account the 2019 NOL is as follows: The 2019 single standard deduction is 12,200; Emilys itemized deductions will exceed the 2020 single standard deduction (after adjustment for Inflation). The medical expense AGI floor is 10% In 2019. How much of the NOL carryforward can Emily use in 2020, and what is her adjusted gross income and her taxable income?
During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?
Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2019 gross income: a. On September 30, 2019, she cashed in Series EE bonds for 10,000. She purchased the bonds in 2009 for 7,090. The yield to maturity on the bonds was 3.5%. b. On July 1, 2018, she purchased a CD for 10,000. The CD matures on June 30, 2020, and will pay 10,816, thus yielding a 4% annual return. c. On July 1, 2019, she purchased a CD for 10,000. The maturity date on the CD was June 30, 2020, when Marlene would receive 10,300.