Regarding the formula for the Federal gift tax (see Figure 27.1), comment on the following observations. a.

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Regarding the formula for the Federal gift tax (see Figure 27.1), comment on the following observations.
a. All prior gifts must be considered in determining the tax on a current gift.
b. A credit is allowed for the gift taxes actually paid on prior gifts.
c. The annual exclusion is adjusted each year for inflation.
d. The charitable and marital deductions play an important role.
e. Some gratuitous transfers might not be subject to the gift tax.
Regarding the formula for the Federal gift tax (see Figure
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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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