During 2019, Cherie gives $34,000 cash to her daughter, Helen, and a remainder interest in investment land

Question:

During 2019, Cherie gives $34,000 cash to her daughter, Helen, and a remainder interest in investment land to her sister, Silvia. The remainder interest is valued at $40,000. In the same year, John, Cherie’s husband, gives Dan $18,000 in marketable securities. What is the total dollar amount of the annual gift tax exclusions available to Cherie and John for 2019 if they elect gift splitting?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Taxation For Decision Makers 2020

ISBN: 9781119562108

10th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

Question Posted: