Purchase Solution

Unified transfer tax rate schedule and gift tax

Not what you're looking for?

Ask Custom Question

What is the Unified Transfer Tax Rate Schedule and how does it compare/contrast to the estate tax rates and/or the gift tax rates?

Purchase this Solution
Solution Summary

This solution provide a discussion regarding unified transfer tax rates, estate tax rates, and gift tax rates.

Solution Preview

Unified transfer tax credit is used to offset estate taxes and gift taxes and for 2014, the applicable exclusion is $5,340,000 (Congressional Research Service, 2014, n.p.). On the other ...

Purchase this Solution
Free BrainMass Quizzes
Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Lean your Process

This quiz will help you understand the basic concepts of Lean.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

View More Free Quizzes
Related BrainMass Solutions

  • Allison's allowable deductions from AGI

    splitting with his spouse, subject to the unified transfer tax is A) $207,000.

  • Features common to gift tax formula and the estate tax formula

    Describe the unified credit and the purpose it serves in the gift and estate tax. A unified credit, according to the IRS, is the credit amount that reduces or possibly eliminates the tax al together.

  • Gift Tax, Estate Tax and the Unified Crefitw

    Similarities of the gift tax and estate tax are described and discussed, as is the reason congress enacted a gift tax and the commonalties the Unified Credit shares with the estate and gift tax.

  • Morris Jory's taxable gifts

    Therefore, the total taxable gift is $90.000. According to USC2505 (http://www4.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00002503----000-.html), there is Unified credit against gift tax upto $1,000,000.

  • Tax of estates, trusts & gifts

    ANSWERS Question 1 First, an excise tax is levied on the production of goods for sale within the country. Second, a unified transfer tax is levied on the transfer of properties through inheritance, will or gift.

  • Gift Tax Consequences

    No gift tax resulted, due to the unified credit. What are the tax consequences of a "net gift" of the land by his mother?

  • Gift tax Form 709 for Dale and Andrea Dixon

    A gift tax form 709 for Dale and Andrea Dixon are examined.

  • Tax accounting practice problems

    No gift taxes were paid. His Schedule E for the first year showed a net profit of $30,000 on $80,000 of gross rents. Colleen's marginal tax rate for that current year was 35%; her grandson's was 15%.

  • Estate Taxes and Unified Credit Problem

    If Mr.Trevor is married and elects gift splitting with his spouse, at what age will he need to begin making annual gits to each of his children so that his estate pays zero estate tax after the unified credit? Please see the attached file.

View More Related Solutions