Ask Question
BusinessBusiness
22 February, 07:38

A. patel is single and gives each of his six grandchildren $30,000 this year. patel's gift tax exclusion is

+1
Answers (1)
  1. 22 February, 11:14
    0
    According to annual gift tax exemption you are allowed to make gifts of up to $14,000 per year per person which is tax-free. Now Patel gave his six grand children $30,000 each. So, Patel's gift tax exclusion on each individual is $14,000. The amount above the annual limit that is $14,000 to each individual has to be reported and counts toward Patel’s lifetime exclusion.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A. patel is single and gives each of his six grandchildren $30,000 this year. patel's gift tax exclusion is ...” 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
Matt plans to open a convenience store. The startup cost is approximately $10,000. Since Matt has only $2,500 with him, he decides to invite two of his friends-Brett and Brian-to join him in this venture.
Answers (1)
Buy 2 get 1 free explain why 1 free is free to the buyer not to the society
Answers (1)
Describe the difference between a rate of change and a unit rate of change.
Answers (1)
Don receives 100 utils from consuming two oranges. The utility he derives from consuming the second orange equals 30 utils. Which of the following conclusions is derived from the law of diminishing marginal utility? a.
Answers (1)
In the context of management functions, which of the following is true of planning? a) It involves hiring and leading workers. b) It is the last function of management. c) It is one of the best ways to improve performance.
Answers (1)
New Questions in Business
Swiss Group reports net income of $36,000 for 2018. At the beginning of 2018, Swiss Group had $149,000 in assets. By the end of 2018, assets had grown to $199,000. What is Swiss Group's 2018 return on assets
Answers (1)
Assume that the banking system has total reserves of $100 billion. Assume also that required reserves are 10 percent of checking deposits, and that banks hold no excess reserves and households hold no currency. a.
Answers (1)
Repbulic LLC exchanged land used in its business for some new land to be used in the business. Republic LLC originally purchased the land it exchanged for $37,500. The new land had a fair market value of $39,750.
Answers (1)
Jacob chose to spend the afternoon swimming rather than going to the movies any value given up from not going to the movies is the
Answers (1)
In a survey of consumers aged 12 and older, respondents were asked how many cell phones were in use by the household. (no two respondents were from the same household.
Answers (1)
Home » Business » A. patel is single and gives each of his six grandchildren $30,000 this year. patel's gift tax exclusion is
Sign Up Forgot Password?