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

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07-04-2022
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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

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anthougo anthougo · Answer 1 · 2022-04-19T15:55:41+02:00

Based on the Unified Federal Estate and Gift Tax Rates table, the amount of your client's applicable credit used by the 2021 gifts only is D) $11,080.

What is the applicable gift tax credit?

The applicable credit allows a taxpayer to transfer a certain amount of assets during their life without incurring the gift tax.

The unified tax credit for a couple filing jointly for 2021 is $30,000. Based on the Unified Federal Estate and Gift Tax Rates table, the applicable credit for 2021 is $11,080 ($30,000 x 36.93%).

Data and Calculations:

Year Total Gifts to Son Total Gifts to Daughter Total Gifts

2014 $90,000 $70,000 $160,000

2021 $80,000 $100,000 $180,000

Applicable credit for 2021 = $30,000

Gift usage of the applicable credit = $11,080 ($30,000 x 36.93%)

Answer Options:

A) $16,320

B) $24,400

C) $58,800

D) $11,080

Thus, based on the Unified Federal Estate and Gift Tax Rates table, the amount of your client's applicable credit used by the 2021 gifts only is D) $11,080.

Learn more about tax credits at https://brainly.com/question/2142559