Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Prepare a gift tax return form (Form 709) for 2012 for Theresa Stone. Theresa and her husband, Adolf Stone, reside at 1325 Apple Lane, Brandon, FL 33511 and want to elect gift splitting. Both are U.S. residents. For simplicity, assume that the Sec.7520 rate is 4%. Theresa's transactions (all in August) are shown below. Page 4 of the form does not apply to Theresa.
Amount ($)
1. Stock given to son, Stanley stone $52,000
2. Land given to daughter, Eliza Stone 84,000
3. Medical expenses paid to city Hospital for Adolf's unemployed 38,000
Nephew, Dudley Stone
4. Cash paid to First Methodist Church for building fund 28,000
5. Stock given to charitable remainder trust with remainder to American 120,000
Cancer Society and an annual annuity of $8,000 for life to Theresa's
Mother, Audrey Alsup (age 82); Bank Three is trustee
6. Stock given to Bank of Florida as trustee with all the income payable 200,000
Annually to Adolf Stone (age 58) for life and remainder to daughter,
Betsey Stone-Marbelle (age 30).

During 2012,, Adolf gave Stanley Stone cash of $30,000 and did the same for Eliza Stone. Theresa's previous taxable gifts consisted of a $120,000 taxable gift made in 1998 and a $60,000 taxable gift made in 2003. Adolf made a $210,000 taxable gift in 2001.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942411

Have any Question? 


Related Questions in Accounting Basics

Accountingbulluse the internet to research an annual report

Accounting • Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most imp ...

Assessment cloud on-line accounting and systems

Assessment: Cloud On-line Accounting and Systems Documentation You are working as an accountant in an accounting firm. You have been approached by the owner of "Splash!" a start-up business that sells swimming accessorie ...

Assessment-bullassessment instructionspreparationfor this

Assessment- • Assessment Instructions Preparation For this problem, you will need to select a publicly traded company. Once you have selected a publicly traded company, obtain Form 10-K for the company for the most curre ...

1 the manufacture of herbal health tonic is a competitive

1. The manufacture of herbal health tonic is a competitive industry. The manufacturing facilities have an annual output of 100,000 gallons. Operating costs are $2 per gallon. A 100,000 gallon capacity plant costs $500,00 ...

In your own words explain the recording process and the

In your own words, explain the recording process and the accounting equation to someone who has no accounting experience. Then, give your opinion on the elements or areas that might cause the most confusion or be the mos ...

Accounting for gov amp not for profit1 explain in 2-4

ACCOUNTING FOR GOV & NOT FOR PROFIT 1. Explain in 2-4 sentences the difference between government Agency funds and Fiduciary funds. 2. What information is or is not required to be reported in the RSI for pension plans un ...

Problem 1emma and laine form the equal el partnership emma

PROBLEM #1 Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000. A. How much gain. If any, must ...

Ics manufacturing company produces plastic parts for the

ICS Manufacturing Company produces plastic parts for the automotive industry. Here is their Income Statement for 2015 - ICS Manufacturing Company Income Statement for 2015 Sales Revenue $35,500,000 Cost of Goods Sold 12, ...

Individual research papercompany case study assignmentthis

Individual Research Paper Company Case Study Assignment This assignment has a number of learning objectives, sources, and opportunities: 1. You will explore financial performance and investor information available fromva ...

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen