Joined: 10 Jun 2008
Online Status: Offline Posts: 50
Posted: 07 Jul 2008 at 22:06 | IP Logged
Steve and Kay Briar, U.S. citizens, were married for the entire calendar year. During the year, Steve gave a $30,000 cash gift to his sister. The Briars made no other gifts in the year. They each signed a timely election to treat the $30,000 gift as made one-half by each spouse. Disregarding the unified credit and estate tax consequences, what amount of the current year gift is taxable to the Briars?
The answer is $6000, $3000 taxable to each. Why isn't the answer 0 because with a contribution of 1/2 by each, isn't the exclusion $24,000 per person as said in Becker pg 28 of R4??
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum