Ask Question
BusinessBusiness
9 July, 04:20

Barry and his wife, Mary, have accumulated over $4.1 million during their 50 years of marriage. They have three children and four grandchildren. What is the total amount of estate removed from Barry and Mary's estate in 2017 if they gift the maximum allowable amount to their children and grandchildren without incurring any gift taxes

+1
Answers (1)
  1. 9 July, 07:03
    0
    Starting 2019, the federal gift tax exclusion is $15,000 per children or grandchildren. That amount was supposed to be increased with inflation during 2020, but I couldn't find any new amount.

    total tax free gifts = ($15,000 x 3 children) + ($15,000 x 4 grandchildren) = $105,000

    The $105,000 given today will decrease the $11.4 million lifetime exemption allowed for estate taxes.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Barry and his wife, Mary, have accumulated over $4.1 million during their 50 years of marriage. They have three children and four ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
If an economist is considering swiftly increasing technological changes in an economy, which of the following is MOST likely to contribute to the CPl problem of accurately measuring of the cost of living changes? a. new goods blas b.
Answers (1)
On December 31, 2012, Albacore Company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30, 2013. On September 30, 2013, 12,000 shares of common stock were reacquired as treasury stock.
Answers (1)
On January 1 a company purchased a five-year insurance policy for $2,300 with coverage starting immediately.
Answers (1)
Turner Fund, a voluntary health and welfare organization funded by contributions from the general public, received unrestricted pledges of $300,000 during 20X4. It was estimated that 10 percent of these pledges would be uncollectible.
Answers (1)
Danielle ocean pays for monthly pool maintenance for her home swimming pool. last week the owner of the pool service informed danielle that he will have to raise his monthly service fee because of increases in the price of pool chemicals.
Answers (1)
New Questions in Business
Under a perpetual inventory system: a) purchases on account are debited to Purchases. b) purchase returns are debited to Purchase Returns and Allowances. c) freight costs are debited to Freight-Out. d) purchases on account are debited to Inventory.
Answers (1)
Prepare various types of budgets
Answers (1)
On October 1, 20X3, Green Corporation paid $450,000 for all of Yellow Company's outstanding common stock.
Answers (1)
What is the lowest level of the permanent party organization in texas?
Answers (1)
When an accountant examines projected financial statements, the accountant's report should include a separate paragraph that:
Answers (1)
Home » Business » Barry and his wife, Mary, have accumulated over $4.1 million during their 50 years of marriage. They have three children and four grandchildren.
Sign Up Forgot Password?