In 2017, John makes a gift to his Billy. The amount of the gift is $50,000 in cash. John also gifts Billy and Jennifer a home which they own jointly. The basis of the home at the time of the gift is $100,00 and the FMV is $500,000. Billy dies three years later. At the time of his death, the FMV of the home is now $1,000,000. What value of the home is reported on Billy’s estate tax return? $0 $250,000 $100,000 $500,000 $1,000,000 None of the above What value of the taxable gifts made by John in 2017?
In 2017, John makes a gift to his Billy. The amount of the gift is $50,000 in cash. John also gifts Billy and Jennifer a home which they own jointly. The basis of the home at the time of the gift is $100,00 and the FMV is $500,000. Billy dies three years later. At the time of his death, the FMV of the home is now $1,000,000. What value of the home is reported on Billy’s estate tax return? $0 $250,000 $100,000 $500,000 $1,000,000 None of the above What value of the taxable gifts made by John in 2017?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Qw.5.
In 2017, John makes a gift to his Billy. The amount of the gift is $50,000 in cash. John also gifts Billy and Jennifer a home which they own jointly. The basis of the home at the time of the gift is $100,00 and the FMV is $500,000. Billy dies three years later. At the time of his death, the FMV of the home is now $1,000,000.
What value of the home is reported on Billy’s estate tax return?
$0
$250,000
$100,000
$500,000
$1,000,000
None of the above
What value of the taxable gifts made by John in 2017?
$550,000
$520,000
$500,000
$150,000
None of the above
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