n 2019, Sarah makes taxable gifts aggregating $295,000. Her only other taxable gifts amount to $205,000, all of which she made in 1997. What is Šarah's 2019 gif ax liability? Complete the table below to determine Sarah's 2013 gift tax liability. Select one) Remaining Unified Credit (Actually used) /Tax at current rates on umulative taxable gifts /Tax at current rates on prior period taxable gifts Minus: (Select one) Remaining Unified Credit (Actually used) /Tax at current rates on cumulative taxable gifts /Tax at current rates on prior period taxable gifts ax on taxable gifts for the current period $. Minus: (Select one) Remaining Unified Credit (Actually used) / Tax at current rates on cumulative taxable gifts / Tax at current rates on prior period taxable gifts
n 2019, Sarah makes taxable gifts aggregating $295,000. Her only other taxable gifts amount to $205,000, all of which she made in 1997. What is Šarah's 2019 gif ax liability? Complete the table below to determine Sarah's 2013 gift tax liability. Select one) Remaining Unified Credit (Actually used) /Tax at current rates on umulative taxable gifts /Tax at current rates on prior period taxable gifts Minus: (Select one) Remaining Unified Credit (Actually used) /Tax at current rates on cumulative taxable gifts /Tax at current rates on prior period taxable gifts ax on taxable gifts for the current period $. Minus: (Select one) Remaining Unified Credit (Actually used) / Tax at current rates on cumulative taxable gifts / Tax at current rates on prior period taxable gifts
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 31P
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Question
![In 2019, Sarah makes taxable gifts aggregating $295,000. Her only other taxable
gifts amount to $205,000, all of which she made in 1997. What is Śarah's 2019 gift
tax liability? Complete the table below to determine Sarah's 2013 gift tax liability.
(Select one) Remaining Unified Credit (Actually used) /Tax at current rates on
cumulative taxable gifts /Tax at current rates on prior period taxable gifts
Minus: (Select one) Remaining Unified Credit (Actually used) /Tax at current rates
on cumulative taxable gifts /Tax at current rates on prior period taxable gifts
$_
Tax on taxable gifts for the current period $.
Minus: (Select one) Remaining Unified Credit (Actually used) / Tax at current rates
on cumulative taxable gifts / Tax at current rates on prior period taxable gifts
$.
Gift Tax liability: $.
What is her 2019 gift tax liability under the assumption that she made the
$205,000 of taxable gifts in 1974 instead of1997?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F805c6b9d-d631-4667-a97c-b1601ad038d6%2F3fc125f6-a934-4cfe-847f-8cff914d4a7e%2Fpygeikg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In 2019, Sarah makes taxable gifts aggregating $295,000. Her only other taxable
gifts amount to $205,000, all of which she made in 1997. What is Śarah's 2019 gift
tax liability? Complete the table below to determine Sarah's 2013 gift tax liability.
(Select one) Remaining Unified Credit (Actually used) /Tax at current rates on
cumulative taxable gifts /Tax at current rates on prior period taxable gifts
Minus: (Select one) Remaining Unified Credit (Actually used) /Tax at current rates
on cumulative taxable gifts /Tax at current rates on prior period taxable gifts
$_
Tax on taxable gifts for the current period $.
Minus: (Select one) Remaining Unified Credit (Actually used) / Tax at current rates
on cumulative taxable gifts / Tax at current rates on prior period taxable gifts
$.
Gift Tax liability: $.
What is her 2019 gift tax liability under the assumption that she made the
$205,000 of taxable gifts in 1974 instead of1997?
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