In prior (pre-2017) years, Lyle had made taxable
by | Mar 18, 2020 | Uncategorized
- In prior (pre-2017) years, Lyle had made taxable gifts (i.e., any annual exclusion(s) have been subtracted) totaling $2 mil., all of which were made to grandchildren. Accordingly, $2 mil. of Lyle’s GST exemption had been allocated to these gifts. During the current year (2017), another $3 mil. of taxable gifts (i.e., annual exclusion(s) have already been subtracted) were made to Lyle’s grandchildren. Lyle will allocate his remaining GST exemption to the current year gifts. Determine the GST due, if any, on Lyle’s gifts in the current year.
2. During 2015, Lavoy made taxable gifts (i.e., any annual exclusion(s) have been subtracted) totaling $7 mil., all of which were made to grandchildren. Lavoy’s children were still alive when these gifts were made. No taxable gifts had been made in any prior years. What is the total transfer tax (i.e., gift tax and/or GST) due with respect to these gifts?
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