James A. and Ella R. Polk, ages 70 and 65, are retired physicians who live at 13319 Taylorcrest Street, Houston, Texas 77079. Their three adult children (Benjamin Polk, Michael Polk, and Olivia Turner) are mature and responsible persons. The Polks have heard that the Obama administration has proposed lowering the Federal gift tax exclusion from $5.25 million to $3 million. Although this change may not occur, the Polks feel they should take advantage of the more generous exclusion available under existing law. Thus, in 2014, the Polks make transfers of many of their high value investments.
These and other gifts made during 2014 are summarized below.
|Condominium located in Conroe (TX) acquired in 1999, cost $1.2 million, to Benjamin, Michael, and Olivia as equal tenants in common.||1,900,000||1,900,000|
|Office building, located in Round Rock (TX) built in 2001, cost $1.8 million, to Benjamin, Michael, and Olivia as equal tenants in common.||2,300,000||2,300,000|
|Vacation ranch in Bandera (TX) inherited by James from his father in 1996, value then $900,000, to Benjamin, Michael, and Olivia as equal joint tenants with right of survivorship.||2,600,000||0|
|Ella used her separate property to reimburse her father (Alan Roberts) for his heart bypass operation||0||82,000|
|Paid for daughterâ€™s (Oliviaâ€™s) wedding to John Turner||20,000||20,000|
|James used his separate property to purchase a new automobile (BMW) as a graduation present (from medical school) for his favorite niece (Carol Polk)||42,000||0|
Prepare 2014 gift tax returns (Form 709) for both of the Polks. A Â§ 2513 election to split gifts is made. The Polks have made no taxable gifts in prior years. Relevant Social Security numbers are 123-45-6789 (James) and 123-45-6788 (Ella).
Which of the following is a run-on sentence? A. I’ll help you with math I’m good at it. B. We could study together at my house or yours. C. Call me if you don’t understan...Feb 03 2020
Write an essay in which you first discuss whether the public education system has failed to live up to the myth of empowerment and why.Feb 06 2020
If there are three candidates of forecasting methods you are thinking to use. According to previous records, you calculated the forecast accuracy metrics including MAD, M...Aug 27 2020
1.A geothermal supply of hot water at 500 kPa, 150aC, is fed to an insulated flash evaporator at the rate of 1.5 kg/so A stream of saturated liquid at 200 kPa is drained ...Jun 07 2020
Two firms, No Leverage, Inc., and High Leverage, Inc., have equal levels of operating risk and differ only in their capital structure. No Leverage is unlevered and High L...Mar 31 2020
instructions:1] Please use the Balance Sheet to determine the difference2] Using the indirect method to transfer the difference withnumbers to each activity (Do not use t...Dec 04 2019
Risk and returnYou are considering an investment in the stock market and have identified two potential stocks, they are Rio Tinto (NYSE: RIO) and Amazon (NASDAQ: AMZN). T...Aug 11 2020
A French company recently introduced a range of cosmetic products in the Indian market. Although, its products were selling well in the European market, in India, it coul...May 20 2020
Suppose that 2.5% of the population of a border town are illegal immigrants. Find the probability that, in a theater of this town with 80 random viewers, there are at lea...Aug 03 2020
Travis, Inc., has sales of $387,000, costs of $175,000, depreciation expense of $40,000, interest expense of $21,000, and a tax rate of 35 percent.What is the net income ...May 01 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.