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Last year Nate opened a savings account with a deposit of $15,600. The account was in the name of Nate and Derrick, Jolnt tenancy with
Last year Nate opened a savings account with a deposit of $15,600. The account was in the name of Nate and Derrick, Jolnt tenancy with the right of survivorship. Derrick did not contribute to the account, but this year he withdrew $5.200. Required: a-1. Has Nate made a complete gift? a-2. What is the amount of the complete gift, if any, and when was the gift made? Complete this question by entering your answers in the tabs below. Required A1 Required A2 What is the amount of the complete gift, if any, and when was the gift made? Amount of complete gift This year Dan and Mike purchased realty for $250.750 and took title as equal tenants in common. However, Mike was able to provide only $59.750 of the purchase price and Dan provided the remaining $191.000. Required: -1. Has Dan made a complete gift to Mike? a-2. What is the amount of the gift? Complete this question by entering your answers in the tabs below. Required A1 Required A2 What is the amount of the gift? Amount of gift This year Gerry's friend, Dewey, was disabled. Gerry pald $15,000 to Dewey's doctor for medical expenses and paid $12,500 to State University for college tuition for Dewey's son. Required: a-1. Has Gerry made taxable gifts? a-2. What is the amount of the taxable gift? Complete this question by entering your answers in the tabs below. Required A1 Required A2 What is the amount of the taxable gift? (Leave no answer blank. Enter zero if applicable.) Amount of taxable gift Sly is a widower and wants to make annual gifts of cash to each of his four children and six grandchildren. Required: a. How much can Sly transfer to his children this year if he makes the maximum gifts eligible for the annual exclusion? b. What is the amount of the total transfer if Sly is married and elects gift-splitting, assuming his spouse makes no other gifts? a Amount transferable Amount transferable b
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