Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Form 709 United States Gift Tax Return. Directions: Prepare Schedule A Part 1 - Gifts Subject Only to Gift Tax for Form 709 - 2017

Form 709 United States Gift Tax Return. Directions: Prepare Schedule A Part 1 - Gifts Subject Only to Gift Tax for Form 709 - 2017 based on the following information for Wanda Bickford. Facts: Bill and Wanda Bickford are married to each other throughout all the years in question. Bill made no taxable gifts in earlier periods. Wandas previous taxable gifts were $2,000,000 in 1985 and $1,800,000 in 1988. Assume the applicable interest rate for valuing life estates and remainders is 4%. In August 2017, Wanda makes the following gratuitous transfers (theyre real gifts and she didnt receive anything in return): $90,000 in cash to son Billy $26,000 in jewelry to daughter Betsy $32,000 in medical expense payments to Downtown Hospital for medical care of grandson Tim. Remainder interest in vacation cabin to friend Ruth Cain. Wanda (age 60) retains a life estate. The vacation cabin is valued at $200,000 $750,000 in stocks to a bank in trust with all of the income payable semiannually to husband Bill (age 72) for life and remainder payable at Bills death to Jeff Bass, Wandas son from an earlier marriage, or Jeffs estate. Wanda wants to elect the marital deduction. $1,000,000 to the Red Cross Bill made the following transfers in 2017 $100,000 of stock to State University $200,000 cash to UIW $500,000 of land to daughter Betsy

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

A Guide To Auditing Programmes And Projects

Authors: Andrew Schuster, APM Assurance SIG

1st Edition

191330521X, 978-1913305215

More Books

Students also viewed these Accounting questions