Question

In: Accounting

Elijah and Anastasia are married and have two married children and two minor grandchildren. For 2020,...

Elijah and Anastasia are married and have two married children and two minor grandchildren.

For 2020, what is the maximum amount they can give to their family (including the sons- and daughters-in-law) without using any of their unified transfer tax credit?
$

Solutions

Expert Solution

6 donees (2 married children + 2 spouses + 2 grandchildren) × $15,000 (annual exclusion for 2020) × 2 donors (Elijah and Anastasia)
= 6 x 15,000 x 2
Maximum amount they can give to their family = $ 180,000

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

1. Elijah and Anastasia are husband and wife who have one married children and twelve minor...
1. Elijah and Anastasia are husband and wife who have one married children and twelve minor grandchildren. For 2018, what is the maximum amount they can give to their family (including the sons- and daughters-in-law) without using any of their unified transfer tax credit? 2. Isabella files her income tax return 90 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $146,000, which is the...
Christian wants to transfer as much as possible to his four adult married children (including spouses) and eight minor grandchildren without using any unified transfer tax credit.
Christian wants to transfer as much as possible to his four adult married children (including spouses) and eight minor grandchildren without using any unified transfer tax credit.  a. How much can Christian give, so as to accomplish his tax goal?  b. What if Christian’s wife, Mia, joins in the gifts?  c. Express your computations for parts (a) and (b) as Microsoft Excel commands.    
F. N. is a 57-year old housewife, happily married with grown children, and 2 new grandchildren....
F. N. is a 57-year old housewife, happily married with grown children, and 2 new grandchildren. F. N. made an appointment with her optometrist to explore a progressive OS (left eye) visual loss over a 9-month period. Her eye dx was essentially normal, and the optometrist referred her to a neurologist. After workup, a 2.5 cm brain mass was found, and surgery was scheduled. Her only past medical history (PMH) is hypertension, for which she takes nifedipine XL 60 mg...
Tim and Allison are married and have two children, ages 12 and 14. Allison is a...
Tim and Allison are married and have two children, ages 12 and 14. Allison is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Tim and Allison should carry to cover Allison. Life insurance need:
Barb and Barney are married and file a joint return. They have two children, Lulu and...
Barb and Barney are married and file a joint return. They have two children, Lulu and Zoe, that live at home and whom they fully support. Lulu is 9 and Zoe is 13 years old. In order for Barb and Barney to both work, they pay care providers to take care of Lulu and Zoe after school. The total care cost for the year were: Lulu $4,800, and Zoe $3,800. During the year Barb earned salary of $24,500 and Barney...
During 2019, Richard and Denisa, who are married and have two dependent children, have the following...
During 2019, Richard and Denisa, who are married and have two dependent children, have the following income and losses: Total salaries                                                         $150,000 Bank account interest                                                25,000 Dividend income                                                         5,000 Short-term capital gains                                              4,000 Short-term capital losses                                           (1,500) They also incurred the following expenses: Qualified medical expenses                                     $ 8,000 State income taxes paid                                             12,000 Property taxes on home                                               2,300 Qualified residence interest                                         9,000 Investment interest expense                                        7,500 Cash charitable contributions                                    15,000 a. Compute Richard and Denisa’s taxable income for the year....
During 2019, Richard and Denisa, who are married and have two dependent children, have the following...
During 2019, Richard and Denisa, who are married and have two dependent children, have the following income and losses: Total salaries $150,000 Bank account interest 25,000 Dividend income 5,000 Short-term capital gains 4,000 Short-term capital losses (1,500) They also incurred the following expenses: Qualified medical expenses $ 8,000 State income taxes paid 12,000 Property taxes on home 2,300 Qualified residence interest 9,000 Investment interest expense 7,500 Cash charitable contributions 15,000 a. Compute Richard and Denisa’s taxable income for the year....
Billly and Carolyn are married and have two small children. Billys occupation is a potentially dangerous...
Billly and Carolyn are married and have two small children. Billys occupation is a potentially dangerous on and his agent pointed out that the monthly premiums will be high. Billy and Carolyn want a log of insurance overage for their money. They could take advantage of a____________________ life insurance at this time to save money A)Credit B)Term C)Whole D)Universal E)Variable
Kyle and Tess Water are married, file a joint return, and have two dependent children in...
Kyle and Tess Water are married, file a joint return, and have two dependent children in college, Luke and Taylor. Luke attends a State University in a neighboring state, and Taylor attends a State University in their home state. Neither receives any type of financial assistance. The Water modified AGI in 2017 is $119,000. The children's classifications and expenses are as follows: Spring Semester (paid in January 2017) (paid in July 2017) Luke: Senior Master's candidate Tuition $7,400 $8,200 Laboratory...
John and Jenn are a married couple in their mid-forties. They have two teenaged children, one...
John and Jenn are a married couple in their mid-forties. They have two teenaged children, one of whom is going to be starting university in the fall. They have been life-long savers, started contributing to registered educational savings plans (RESPs) when each of their children were born, and have a small mortgage remaining on their home. During their annual review, what changes to their asset allocation would be beneficial? 1. Increase in bond and money market funds to increase interest...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT