In 2018, Mr Ames, an unmarried individual, made a gift of real estate to his nephew. Compute the amount subject to the federal gift tax in each of the following situations.
a. FMV of the real estate was $1.8 million, and the transfer was Mr Ames' first taxable gift.
b. FMV of the real estate was $17.25 million and the transfer was Mr Ames' first taxable gift.
c. FMV of the real estate was $12.3 million. Two years ago, Mr Ames made his first taxable gift of marketable securities with a $3.92 million FMV in excess of the annual exclusion.

Question

In 2018, Mr Ames, an unmarried individual, made a gift of real estate to his nephew. Compute the amount subject to the federal gift tax in each of the following situations. 
a. FMV of the real estate was $1.8 million, and the transfer was Mr Ames' first taxable gift.
b. FMV of the real estate was $17.25 million and the transfer was Mr Ames' first taxable gift.
c. FMV of the real estate was $12.3 million. Two years ago, Mr Ames made his first taxable gift of marketable securities with a $3.92 million FMV in excess of the annual exclusion.

Quizplus · Accepted Answer

The Answer of In 2018, Mr Ames, an unmarried individual, made a gift of real estate to his nephew. Compute the amount subject to the federal gift tax in each of the following situations. 
a. FMV of the real estate was $1.8 million, and the transfer was Mr Ames' first taxable gift.
b. FMV of the real estate was $17.25 million and the transfer was Mr Ames' first taxable gift.
c. FMV of the real estate was $12.3 million. Two years ago, Mr Ames made his first taxable gift of marketable securities with a $3.92 million FMV in excess of the annual exclusion.

In 2018, Mr Ames, an Unmarried Individual, Made a Gift