in 2015 homer and his wife wilma residents of a non community property state make th 4519885

In 2015, Homer and his wife, Wilma (residents of a non– community property state) make the gifts listed below. Homer’s previous taxable gifts consist of $100,000 made in 1975 and $1.4 million made in 1996. Wilma has made no previous taxable gifts. Wilma’s current year gifts were To Art ……………………………………… $400,000 To Bart ……………………………………… 6,000 Homer’s current year gifts were To Linda ……………………………………$600,000 To a charitable organization ……………….. 100,000 To Norma (future interest) . ……………… 200,000 a. What are the gift tax liabilities of Homer and Wilma for 2015 if they elect gift splitting and everyone except Norma receives a present interest? b. How would the gift tax liabilities for each spouse in Part a change if they do not elect gift splitting?

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