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azamat
3 years ago
12

Andrew and Brianna are married and live in Texas, a community-property state. For their birthdays this year Andrew gave cash gif

ts of $20,900 to each of his two daughters, and Brianna gave $35,200 to her niece. What is the amount of Andrew's taxable gifts
Business
1 answer:
Vika [28.1K]3 years ago
5 0

Answer: $2,600

Explanation:

Because Andrew is married, the gift tax on him is split in half between him and his wife. This means that to each of his daughters, the gift tax will be on:

= 20,900 / 2

= $10,450

This amount is less than the gift exclusion limit of $15,000 so Andrew will not be charged taxes on the gifts to his daughters.

On the gift to Brianna's niece, Andrew's gift tax will be based on:

= 35,200 / 2

= $17,600

This is above the gift exclusion limit of $15,000 by:

= 17,600 - 15,000

= $2,600

<em>The above would therefore be Andrew's taxable gift amount. </em>

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Property taxes and fines represent which of the following classes of nonexchange transactions for government units? Group of ans
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B. Imposed Non Exchange Transactions

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Assume that a $1,000,000 par value, semiannual coupon US Treasury note with five years to maturity has a coupon rate of 3%. The
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