Answered Essay: Cloris creates a joint bank account with her daughter Bess. She funds the bank account with her own $50,000. What is the a

QUESTION 34

Cloris creates a joint bank account with her daughter Bess. She funds the bank account with her own $50,000. What is the amount of the taxable gift to Bess when the account is created?

 

$50,000.

 

$25,000.

 

$0.

 

$12,000.

2.22222 points   Save Answer

QUESTION 35

Alma gives $100,000 worth of publicly-traded stock to her son Murdoch to buy his love and affection. Murdoch does not want to accept the gift and writes a letter to his mother the week after receiving the stock indicating his refusal. He sends the letter and the stock certificates issued in his name back to his mother. This is an example of what estate planning mechanism?

 

Gift-splitting.

 

The annual exclusion.

 

The charitable deduction.

 

A qualified disclaimer.

2.22222 points   Save Answer

QUESTION 36

Which of the following is not a gift which qualifies for the annual exclusion?

 

Deena transfers her car with a value of $10,000 to her son Edward.

 

Deena transfers stock worth $200,000 to a trust with income payable to her for life and the remainder to her son Edward.

 

Deena transfers property to a trust for the benefit of her minor son Francis. No income is payable to Francis until he reaches the age of 21, but the trust provisions permit him to demand withdrawal of the amount of annual contributions to the trust up to the amount of the annual exclusion.

 

Two of the above.

Expert Answer

 

Cloris creates a joint bank account with her daughter Bess. She funds the bank account with her own $50,000. What is the amount of the taxable gift to Bess when the account is created?

Ans. $0.

But, file a gift tax return to let the tax authorities know of the action & your claim of $5.25 million (lifetime) exemption.

Alma gives $100,000 worth of publicly-traded stock to her son Murdoch to buy his love and affection. Murdoch does not want to accept the gift and writes a letter to his mother the week after receiving the stock indicating his refusal. He sends the letter and the stock certificates issued in his name back to his mother. This is an example of what estate planning mechanism?

A qualified disclaimer.

Which of the following is not a gift which qualifies for the annual exclusion?

Deena transfers stock worth $200,000 to a trust with income payable to her for life and the remainder to her son Edward.

This is because it exceeds the $14000 limit.

Buy Essay
Calculate your paper price
Pages (550 words)
Approximate price: -

Help Me Write My Essay - Reasons:

Best Online Essay Writing Service

We strive to give our customers the best online essay writing experience. We Make sure essays are submitted on time and all the instructions are followed.

Our Writers are Experienced and Professional

Our essay writing service is founded on professional writers who are on stand by to help you any time.

Free Revision Fo all Essays

Sometimes you may require our writers to add on a point to make your essay as customised as possible, we will give you unlimited times to do this. And we will do it for free.

Timely Essay(s)

We understand the frustrations that comes with late essays and our writers are extra careful to not violate this term. Our support team is always engauging our writers to help you have your essay ahead of time.

Customised Essays &100% Confidential

Our Online writing Service has zero torelance for plagiarised papers. We have plagiarism checking tool that generate plagiarism reports just to make sure you are satisfied.

24/7 Customer Support

Our agents are ready to help you around the clock. Please feel free to reach out and enquire about anything.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

HOW OUR ONLINE ESSAY WRITING SERVICE WORKS

Let us write that nagging essay.

STEP 1

Submit Your Essay/Homework Instructions

By clicking on the "PLACE ORDER" button, tell us your requires. Be precise for an accurate customised essay. You may also upload any reading materials where applicable.

STEP 2

Pick A & Writer

Our ordering form will provide you with a list of writers and their feedbacks. At step 2, its time select a writer. Our online agents are on stand by to help you just in case.

STEP 3

Editing (OUR PART)

At this stage, our editor will go through your essay and make sure your writer did meet all the instructions.

STEP 4

Receive your Paper

After Editing, your paper will be sent to you via email.

× How can I help you?