Ask Question
BusinessBusiness
29 October, 15:46

Barry and his wife, Mary, have accumulated over $4.1 million during their 50 years of marriage. They have three children and four grandchildren. What is the total amount of estate removed from Barry and Mary's estate in 2017 if they gift the maximum allowable amount to their children and grandchildren without incurring any gift taxes

+2
Answers (1)
  1. 29 October, 16:12
    0
    Starting 2019, the federal gift tax exclusion is $15,000 per children or grandchildren. That amount was supposed to be increased with inflation during 2020, but I couldn't find any new amount.

    total tax free gifts = ($15,000 x 3 children) + ($15,000 x 4 grandchildren) = $105,000

    The $105,000 given today will decrease the $11.4 million lifetime exemption allowed for estate taxes.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Barry and his wife, Mary, have accumulated over $4.1 million during their 50 years of marriage. They have three children and four ...” 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
Amber is a strategist for a furniture manufacturer that has a large presence in the United States and Canada. By checking economic and political reports, she knows that trade and investment barriers are falling among wealthy nations.
Answers (1)
A consolidated industry structure: a. provides no scope for an oligopoly to exist. b. constitutes a threat rather than an opportunity. c.
Answers (1)
Glucose can be moved into cells via an active transport mechanism when the concentration of glucose inside the cell is higher than the concentration of glucose outside of the cell.
Answers (1)
Levi owns a store that sells cooking products to end consumers. He has worked with the same supplier for many years and trusts him completely.
Answers (1)
In two or three sentences, explain why the following scenario is an example of price discrimination: The airline charges Justin $200 for a ticket. The airline charges Nathan $300 for a ticket on the same flight.
Answers (1)
New Questions in Business
The financial statements for Harold Corporation contained the following information: Accounts receivable $ 5,000 Sales revenue 75,000 Cash 15,000 Salaries and wages expense 20,000 Rent expense 10,000 How much was Harold's net income?
Answers (1)
Nastasha has a gross income of $66,429. she can make adjustments of $14,490 for business losses, $3,584 for business expenses, and $4,813 for contributions to her retirement plan. what is nastasha's adjusted gross income? a. $109,971 b. $22,887 c.
Answers (1)
Debra notes that theo chocolate has started holding its own operations to the same imo standards of fair trade to which it holds its suppliers. this type of sends a powerful message to employees and customers.
Answers (1)
Partners G and H form the GH partnership, with G contributing $200,000 cash and H contributing some land with a basis of $600,000 and a FMV of $900,000, subject to a nonrecourse liability of $700,000.
Answers (1)
Johnson, Inc. a builder enters into an agreement to construct a commercial building in a residential area in violation of zoning laws. Johnson hires a crew of construction workers to build the building.
Answers (1)
Home » Business » Barry and his wife, Mary, have accumulated over $4.1 million during their 50 years of marriage. They have three children and four grandchildren.
Sign Up Forgot Password?