Natalie Bryan, a widow who lives at 425 Flathead Way, Kalispell, Montana 59901, has three...

50.1K

Verified Solution

Question

Accounting

Natalie Bryan, a widow who lives at 425 Flathead Way, Kalispell, Montana 59901, has

three adult children (Daniel Bryan, Amanda Green, and Samantha Cruz). During 2013,

Natalie makes the following gifts to the children.

To Daniel. Office building in Helena acquired in 2001 at a cost of $900,000, current

value $1.9 million.

To Amanda. Rental cabins in Whitefish inherited in 1999 (value $1,000,000) from her

father, current value $1.8 million.

To Samantha. Vacation lodge on Flathead Lake acquired in 1995 at a cost of

$800,000, current value $1.9 million.

Prepare a 2016 gift tax return (Form 709) for Natalie (Social Security number 123-

45-6787). to compute the total taxable gifts (line 3) for her; stop with line 3 of page 1 but complete pages 2 and 3 of the return. Natalie made no taxable gifts in prior years.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students