Tax II Forms Problem 4 P 1 of 1 Covers form 709. FACTS: Gary Givem, married to M

Question

Tax II Forms Problem 4 P 1 of 1 Covers form 709. FACTS: Gary Givem, married to Mary and living in a common law state, made the following gifts in 2015 • Cash of $766,000 to their married daughter, Gertrude Getit on 12/25/15 • Stock to their son Gerald on 12/25/15 The stock was 10,000 shares of US Bank common stock, valued at $50/share. Gary’s basis was $1/share. The couple has agreed to elect gift splitting for 2015. Mary made no individual gifts during the year. Required: Complete for 709 for Gary only. (Assume Mary will hire someone else to prepare her form 709.) Information from forms 709 filed previously by Gary (all in the IRS office located in Kansas City, MO) is as follows: 2011 - taxable gifts of $1,000,000 using unified credit of $345,800. 2014 - taxable gifts of $4,000,000 using unified credit of $1,600,000. Download the form 709 from the IRS home page. There is a link to it on my home page. Check figures: Form 709 page 1 line 1 = 605,000, line 19 = 70,000.

Explanation / Answer

https://www.dropbox.com/s/k2eqqk93j4vbpac/Form709.pdf?dl=0

Hi please find the file in the above link.

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