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

Question

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 :

Otras preguntas

How does data analysis influence a business or organization's decision making ability? It can help determine the probabilities of events that influence the rate

Last year, the number of students enrolled in the school was 672. If this number increases by 12% the next year, how many students will there be? What an amount

What is a totalitarianism example?

How many solutions does a 3rd degree polynomial have?

Match the description to the political party before 1960. Abraham Lincoln was a member created and voted for The New Deal party members were all White Southerne

What do the animals do after the humans have been chased from the farm?

Derive an equation that relates the initial release height hxhx of block xx and the speed vsvs of the two-block system after the collision in terms of mxmx, mym

how do you graph y=x-2?

Fill in the blank below with the word that best completes the sentence. Natural selection leads to a process of change in a population over time.

ahmedishaal ahmedishaal · Answer 1 · 2017-09-12T01:23:24+02:00

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