pooooooooyp3235 pooooooooyp3235
  • 04-09-2017
  • Business
contestada

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

Respuesta :

ahmedishaal ahmedishaal
  • 12-09-2017
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.
Answer Link

Otras preguntas

whose discovery of radium changed the world's view of the atom
How did the surprise attack on Pearl Harbor change the public's opinion about the war? The attack brought out a strong isolationist sentiment as people remember
five less than a number is more than twenty
What does OPEC mean and why was it formed?
Look at the picture for the question please show work.
what is an expression equivalent to (7x-5)-(3x-2)
The US presidential election of 1828 was a A- close win for Andrew Jackson. B- close win for John Quincy Adams. C- landslide win for Andrew Jackson. D- landslid
What "four powers" agreed to the Four Power Treaty of 1921?
What was the result of the Crusades opening travel to the Near East and bringing back new goods? Trade to Western Europe grew. Interest for new trade routes dec
Which was not a labor-saving device that first appeared around the beginning of the twentieth century? A. washing machine B. spinning wheel C. sewing machine