Question ID: 1342422 Your client and her husband agreed to split the following lifetime cash gifts: Total Gifts to Son Total Gifts to Daughter 2014 $90,000 $70,000 2021 $80,000 $100,000 How much of your client's applicable credit is used by the 2021 gifts only? Use the Unified Federal Estate and Gift Tax Rates table.
Question ID: 1342422 Your client and her husband agreed to split the following lifetime cash gifts: Total Gifts to Son Total Gifts to Daughter 2014 $90,000 $70,000 2021 $80,000 $100,000 How much of your client's applicable credit is used by the 2021 gifts only? Use the Unified Federal Estate and Gift Tax Rates table.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question #19 of 85
Question ID: 1342422
Your client and her husband agreed to split the following lifetime cash gifts:
| Total Gifts to Son | Total Gifts to Daughter | |
|---|---|---|
| 2014 | $90,000 | $70,000 |
| 2021 | $80,000 | $100,000 |
How much of your client's applicable credit is used by the 2021 gifts only? Use the Unified Federal Estate and Gift Tax Rates table.
A)
$11,080
B)
$58,800
C)
$16,320
D)
$24,400
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