$100,000 Diamond Ring Given to a Fiancé
$100,000 diamond ring given to a fiancé
The estate tax A) applies to the person inheriting property. B) was first imposed in 1932 C) facilitates wealth distribution. D) was enacted at the same time as the gift tax.
John made $3,400,000 in taxable gifts prior to his death at the beginning of 2018. His wife, Lola, is the executor of John's estate, and made taxable gifts of $800,000 prior to 2018. What is the maximum amount of taxable lifetime gifts that Lola can make in 2018 before she will have to begin paying a gift tax? A) $22,360,000 B) $18,160,000 C) $6,780,000 D) $4,630,000
Carl gave his six children gifts of $16,000 each in the current year. A) Carl has made $90,000 of taxable gifts. B) Carl has made $6,000 of taxable gifts. C) Carl has made no taxable gifts if he and his wife elect gift splitting. D) (b) and (c) are both true.