Ask Question
BusinessBusiness
6 March, 17:01

A. patel is single and gives each of his six grandchildren $30,000 this year. patel's gift tax exclusion is

+2
Answers (1)
  1. 6 March, 17:14
    0
    According to annual gift tax exemption you are allowed to make gifts of up to $14,000 per year per person which is tax-free. Now Patel gave his six grand children $30,000 each. So, Patel's gift tax exclusion on each individual is $14,000. The amount above the annual limit that is $14,000 to each individual has to be reported and counts toward Patel’s lifetime exclusion.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A. patel is single and gives each of his six grandchildren $30,000 this year. patel's gift tax exclusion is ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
What encourages produces to reduce costs and increase revenues? Question 15 options: marginal analysis the profit motive opportunity costs the production possibilities frontier
Answers (2)
What factors are involved when there is an interaction between a person and an experience?
Answers (1)
Berta Company owns inventory prior to a customer ordering it from Norman Company. If a customer returns the merchandise, Berta Company owns the returned inventory. Berta Company is a (n). (Enter only one word.)
Answers (2)
Depreciation expense: Group of answer choices is a tax deductible non-cash expense is not a true expense represents a cash outflow on the cash flow statement is deducted from net income
Answers (1)
A geologist digs two soil pits to investigate the soil profile in an area. The pits are separated by 500 meters. A geologic map indicates that the bedrock in the two areas is the same. In Pit A, the soil layer is much thicker than in Pit B.
Answers (1)
New Questions in Business
Lewis Inc. had the following information taken from various accounts for 2015: Sales Discounts $41,000 Unearned Revenue $32,000 Total Sales $459,000 Purchase Discounts $15,000 Sales Allowances $35,000 Accounts Receivable $205,000 What was Lewis Inc.
Answers (1)
True or False: The basic economic theory of supply and demand suggests that when price drops, consumers will buy more and thus generate stronger demand.
Answers (1)
If you think carefully about what you're doing, always ask for advice when you need it, and keep asking questions, starting a business can be
Answers (2)
16. What size paper should you use for a legal document? A. 3" x 5" B. 8/2" x 11" C. 872" x 14" D. 74" x 1072"
Answers (2)
Assume an economy where there are two producers: a wheat producer and a bread producer. In a given year, the wheat producer grows 30 million bushels of wheat of which 25 million bushels are sold to the bread producer at $3 per bushel, and 5 million
Answers (1)
Home » Business » A. patel is single and gives each of his six grandchildren $30,000 this year. patel's gift tax exclusion is
Sign Up Forgot Password?