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Accounting, Finance, SPSS
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Essay
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English (U.S.)
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Topic:
Transfer Taxes: Gift Tax
Essay Instructions:
You are helping your client build a better understanding of the three types of transfer taxes.
Identify one of the transfer taxes and explain the formula for that tax.
Essay Sample Content Preview:
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Transfer Taxes: Gift Tax
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Transfer Taxes: Gift Tax
The estate tax, generation-skipping transfer (GST) tax, and gift tax represent the three types of transfer taxes that affect a small percentage of taxpayers (United States Department of Agriculture, 2021). Federal gift-and estate-tax exemptions are mainly applied to the total of taxable gifts received by an individual’s life and the assets that may be remaining after death. As of 2020 and 2021, the annual exemption of gift tax is $15,000 per benefactor per beneficiary in the United States (Saunders & Rubin, 2021). This implies that anyone can donate to any person, including relatives, friends, or strangers, up to a maximum of $15,000 per annum without the gifts attracting federal gift taxes. In addition, the current tax exemption law also provides that couples with two children who have been married and have six grandchildren can donate up to a total of $300,000 every year to their children and grandchildren. Besides, the couple can also gift a maximum of $30,000 to as many friends as they wish (Saunders & Rubin, 2021)....
Transfer Taxes: Gift Tax
Student’s Name
Institution
Course
Professor’s Name
Date
Transfer Taxes: Gift Tax
The estate tax, generation-skipping transfer (GST) tax, and gift tax represent the three types of transfer taxes that affect a small percentage of taxpayers (United States Department of Agriculture, 2021). Federal gift-and estate-tax exemptions are mainly applied to the total of taxable gifts received by an individual’s life and the assets that may be remaining after death. As of 2020 and 2021, the annual exemption of gift tax is $15,000 per benefactor per beneficiary in the United States (Saunders & Rubin, 2021). This implies that anyone can donate to any person, including relatives, friends, or strangers, up to a maximum of $15,000 per annum without the gifts attracting federal gift taxes. In addition, the current tax exemption law also provides that couples with two children who have been married and have six grandchildren can donate up to a total of $300,000 every year to their children and grandchildren. Besides, the couple can also gift a maximum of $30,000 to as many friends as they wish (Saunders & Rubin, 2021)....
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