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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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)
$16,320
B)
$24,400
C)
$58,800
D)
$11,080

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