FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This year Samantha gave each of her three nephews birthday gifts of $11,200 in cash. At Christmas, Samantha gave each of her three nephews Christmas

This year Samantha gave each of her three nephews birthday gifts of $11,200 in cash. At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $6,480 in cash. What is the amount of the taxable gifts, if any, made by Samantha this year?

a.    8,040

b.    31,800

c.     53,040

d.    Zero- none of the gifts exceed the annual exclusion

e.     None of the choices are correct

Step by Step Solution

★★★★★

3.48 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

The correct option is A iThe annual exclusi... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

South-Western Federal Taxation 2020 Comprehensive

South-Western Federal Taxation 2020 Comprehensive

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

43rd Edition

357109147, 978-0357109144

More Books

Students also viewed these Accounting questions

Question

★★★★★
This year Samantha gave each of her three nephews birthday gifts of $10,450 in cash. At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $5,180 in cash. What is the...

Answered: 1 week ago

Question

★★★★★
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Answered: 1 week ago

Question

★★★★★
Samantha A. Cranston, age 37, is single and lives with her dependent mother at 426 Grouse Avenue, Allentown, PA 18105. Her Social Security number is 111-21-1113. 1. Samantha is a licensed...

Answered: 1 week ago

Question

★★★★★
What is the importance of collecting and interpreting data and information about competitors? What practices should a firm use to gather competitor intelligence and why?

Answered: 1 week ago

Question

★★★★★
Hong Corporation encounters the following situations: 1. Hong collects $1,300 from a customer in 2017 for services to be performed in 2018. 2. Hong incurs utility expense which is not yet paid in...

Answered: 1 week ago

Question

★★★★★
What are stock repurchases? Discuss the advantages and disadvantages of a firm repurchasing its own shares. Southeastern Steel Company (SSC) was formed five years ago to exploit a new...

Answered: 1 week ago

Question

★★★★★
For a binary variable ????, compute the odds that ???? = 1 when (a) ????(???? = 1) = 0.25. (b) ????(???? = 1) = 0.6. (c) ????(???? = 1) = 0.01.

Answered: 1 week ago

Question

★★★★★
Refer to People v. Sanders and United States v. Martinez-Jimenez in Appendix A. For each of these cases, identify the parties, citation, holding, and disposition.

Answered: 1 week ago

Question

★★★★★
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day: Beginning WIP inventory...

Answered: 1 week ago

Question

★★★★★
Compute the hydraulic radius for the channel shown in Fig. 14.20 if the water depth is 0.50 m. 25 m 0.6 m 0.5 m 1.0 m 2.

Answered: 1 week ago

Question

★★★★★
E2-21 Describe how the following transactions of Sun Microsystems, Inc. would affect the three elements of the accounting equation. a. Paid research and development expenses for the current year. b....

Answered: 1 week ago

Question

★★★★★
1.) (20 pts) Jobs arrive to a two-station serial line at a rate of 2 jobs per hour with deterministic inter- arrival times. Station 1 has one machine which requires exactly 29 minutes to process a...

Answered: 1 week ago

Question

★★★★★
Salubrity Plus is a medical equipment supply company with offices and retail locations in Ontario and Qubec. The organization started operations in 2005 and currently has an approximate annual...

Answered: 1 week ago

Question

★★★★★
A vendor for your part casting claims they redeveloped the casting alloy with less tensile variability. The vendor claims that the new material will show a 20 of 10, 95% of the time. A six sample...

Answered: 1 week ago

Question

★★★★★
The following accounts and their balances appear in the general ledger of NEWBERRY PROPERTIES INC. on June 30, 2017: Preferred stock, 2%, $75 par...........................................1,350,000...

Answered: 1 week ago

Question

★★★★★
Problem 11: The principal stresses at a point in a solid: = 60 MPa, = 35 MPa, 3 = 15 MPa Obtain (a) the maximum shearing stress and (b) the normal and shearing stresses on the octahedral plane.

Answered: 1 week ago

Question

★★★★★
Write a software project proposal to address a real - life problem. The proposal will present the problem to be solved and describe the value and benefits of solving it .

Answered: 1 week ago

Question

★★★★★
Determine the annual percentage yield for a loan that charges a monthly interest rate of 1.5% and compounds the interest monthly.

Answered: 1 week ago

Question

★★★★★
How would your answer to parts (a) and (b) of Problem 36 differ if Julio were a corporate shareholder (in the 34% tax bracket) rather than an individual shareholder and the stock ownership in Gray...

Answered: 1 week ago

Question

★★★★★
Village Corp., a calendar year corporation, began business in year 1. Village made a valid S corporation election on December 5, year 4, with the unanimous consent of its shareholders. The...

Answered: 1 week ago

Question

★★★★★
Both a value added tax (VAT) and a national sales tax have been criticized as being regressive in their effect. a. Explain. b. How could this shortcoming be remedied in the case of a national sales...

Answered: 1 week ago

Question

★★★★★
Using the following factor ratings, determine which location alternative (A, B, or C) should be chosen on the basis of maximum compositescore.

Answered: 1 week ago

Question

★★★★★
A toy manufacturer produces toys in five locations throughout the country. Raw materials (primarily barrels of powdered plastic) will be shipped from a new, centralized warehouse whose location is to...

Answered: 1 week ago

Question

★★★★★
A manager has received an analysis of several cities being considered for a new office complex. The data (10 points maximum) are as follows: a. If the manager weights the factors equally, how would...

Answered: 1 week ago

Previous Question Next Question