Required Informatlon Problem 25-49 (LO 25-2) (Algo) [The following Information applies to the questions displayed below.] In 2010 Casey made a taxable gift of $7.4 million to both Stephanie and Linda (a total of $14.8 million In taxable gifts). Required: Calculate the amount of gift tax due this year and Casey's unused exemption equivalent under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2) (Enter your answers In dollars, not millons of dollars. Leeve no answer blank. Enter zero If applcable.) Problem 25-49 Part b (Algo) b. This year Casey made a taxable gift of $17.4 million to Stephanie. Casey Is not marrled, and the 2010 gift was the only other taxable gift he has ever made. Gift tax due Unused exemption equivalent

Required Informatlon Problem 25-49 (LO 25-2) (Algo) [The following Information applies to the questions displayed below.] In 2010 Casey made a taxable gift of $7.4 million to both Stephanie and Linda (a total of $14.8 million In taxable gifts). Required: Calculate the amount of gift tax due this year and Casey's unused exemption equivalent under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2) (Enter your answers In dollars, not millons of dollars. Leeve no answer blank. Enter zero If applcable.) Problem 25-49 Part b (Algo) b. This year Casey made a taxable gift of $17.4 million to Stephanie. Casey Is not marrled, and the 2010 gift was the only other taxable gift he has ever made. Gift tax due Unused exemption equivalent

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 45P

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In 2010 Casey made a taxable gift of $6.0 million to both Stephanie and Linda (a total of $12.0 million in taxable gifts). Calculate the amount of gift tax due this year and Casey’s unused exemption equivalent under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) My 3 questions are below the Exhibits XHIBIT 25-1 Unified Transfer Tax Rates* Tax Base Equal to or Over Not Over Tentative Tax Plus of Amount Over $ 0 $10,000 $ 0 18% $ 0 10,000 20,000 1,800 20 10,000 20,000 40,000 3,800 22 20,000 40,000 60,000 8,200 24 40,000 60,000 80,000 13,000 26 60,000 80,000 100,000 18,200 28 80,000 100,000 150,000 23,800 30 100,000 150,000 250,000 38,800 32 150,000 250,000 500,000 70,800 34 250,000 500,000 750,000 155,800 37 500,000 750,000 1,000,000 248,300 39 750,000 1,000,000 345,800 40 1,000,000 *The applicable credit and exemption are zero for estates that opted out of the estate tax in 2010. XHIBIT 25-2 The Exemption…
In 2010 Casey made a taxable gift of $6.1 million to both Stephanie and Linda (a total of $12.2 million in taxable gifts). Calculate the amount of gift tax due this year and Casey’s unused exemption equivalent under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) (Enter your answers in dollars, not millions of dollars. Leave no answer blank. Enter zero if applicable.) a. This year Casey made a taxable gift of $1 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.
Mary made a gift of $25 million to her adult daughter, Jane. Neither Mary nor her husband Mike, have made any prior taxable gifts. Assume a 40% flat gift tax rate, $15,000 annual exclusion, and $11,400,000 exemption equivalent. a. Compute the Federal gift tax liability if the election to split gifts is not made.b. Compute the Federal gift tax liability if the election to split gifts is made.
Elizabeth made taxable gifts of $6,900,000 in 2020 and $8,970,000 in 2022. She paid no gift tax on the 2020 transfer. On what amount is the Federal gift tax computed for the 2022 gift? X Feedback Check My Work Like the income tax, which uses taxable income (not gross income) as a tax base, the gift tax usually does not apply to the full amount of the gift. Deductions and the annual exclusion may be allowed to arrive at an amount called the taxable gift.
n 2022, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income (all ordinary) is $2,403,400, and they itemize their deductions as follows: state income taxes of $15,100 and mortgage interest expense of $25,000 (acquisition debt of $300,000). Use Exhibit 8-5 and Tax Rate Schedule for reference. Whats the amt
Indicate whether the following would be considered taxable or non-taxable, federally. If taxable, indicate the amount that would e taxable. Note not every column requires an answer. * $0 $50 $100 $400 $500 A $600 watch for a birthday gift Two gifts totaling $500 and an award for exceeding safety standards worth $400 A $400 camera for a 5-year service award A $100 gift certificate from Jackson's Jewellers A $600 watch for a birthday gift Two gifts totaling $500 and an award for exceeding safety standards worth $400 A $400 camera for a 5-year service award A $100 gift certificate from Jackson's Jewellers
The Wes Trust reports $112,800 of AMT income before the annual exemption. Round any computations and final answer to the nearest dollar. The entity's AMT for 2021 is $fill in the blank 1 22,828 (wrong answer) Feedback Area Feedback The alternative minimum tax (AMT) may apply to a trust or an estate in any tax year. Given the nature and magnitude of the tax preferences, adjustments, and exemptions that determine alternative minimum taxable income (AMTI), however, most trusts and estates are unlikely to incur the tax.
In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire?
Required information Skip to question [The following information applies to the questions displayed below.]In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire?
The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income provided the following: Gross sales amounting to 2,500,000; sales discounts amounting to 130,000; senior citizems discount (20%) granted amounting to 160,000; cost of sales amounting to 1,000,000; operating expenses (including repairs) amounting to 500,000 and repairs for PWD facilities amounting to 150,000. 870,000 1,030,000 1,210,000 1,370,000
LO.3, 4, 5 Using the legend provided below, classify each statement under 2019 tax law. a. A foreign tax credit is available. b. The deduction of charitable contributions is subject to percentage limitation(s). c. Excess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction. e. Excess capital losses can be carried forward indefinitely. f. Excess capital losses cannot be carried back. g. A net short-term capital gain is subject to the same tax rate as ordinary income. h. The deduction for qualified business income may be available. i. A dividends received deduction is available. j. The like-kind exchange provisions of 1031 are available. k. A taxpayer with a fiscal year of May 1April 30 has a due date for filing a Federal income tax return of July 15. l. Estimated Federal income tax payments may be required.
Carol reports taxable income of 48,000. Included in that calculation are the following items. Carol also had excluded municipal bond interest income of 8,000, 3,000 of which was deemed to be private activity bond interest. What are Carols total alternative minimum tax (AMT) adjustments? a. 1,200 b. 2,000 c. 3,000 d. 6,750