(Answered): Cloris creates a joint bank account with her daughter Bess. She funds the bank account with her own $50,000. What is the a…

QUESTION 34

Cloris creates a joint bank account with her daughter Bess. She funds the bank account with her own $50,000. What is the amount of the taxable gift to Bess when the account is created?

 

$50,000.

 

$25,000.

 

$0.

 

$12,000.

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QUESTION 35

Alma gives $100,000 worth of publicly-traded stock to her son Murdoch to buy his love and affection. Murdoch does not want to accept the gift and writes a letter to his mother the week after receiving the stock indicating his refusal. He sends the letter and the stock certificates issued in his name back to his mother. This is an example of what estate planning mechanism?

 

Gift-splitting.

 

The annual exclusion.

 

The charitable deduction.

 

A qualified disclaimer.

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QUESTION 36

Which of the following is not a gift which qualifies for the annual exclusion?

 

Deena transfers her car with a value of $10,000 to her son Edward.

 

Deena transfers stock worth $200,000 to a trust with income payable to her for life and the remainder to her son Edward.

 

Deena transfers property to a trust for the benefit of her minor son Francis. No income is payable to Francis until he reaches the age of 21, but the trust provisions permit him to demand withdrawal of the amount of annual contributions to the trust up to the amount of the annual exclusion.

 

Two of the above.

Expert Answer

 

Cloris creates a joint bank account with her daughter Bess. She funds the bank account with her own $50,000. What is the amount of the taxable gift to Bess when the account is created?

Ans. $0.

But, file a gift tax return to let the tax authorities know of the action & your claim of $5.25 million (lifetime) exemption.

Alma gives $100,000 worth of publicly-traded stock to her son Murdoch to buy his love and affection. Murdoch does not want to accept the gift and writes a letter to his mother the week after receiving the stock indicating his refusal. He sends the letter and the stock certificates issued in his name back to his mother. This is an example of what estate planning mechanism?

A qualified disclaimer.

Which of the following is not a gift which qualifies for the annual exclusion?

Deena transfers stock worth $200,000 to a trust with income payable to her for life and the remainder to her son Edward.

This is because it exceeds the $14000 limit.

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