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Jack and Liz live in a community-property state and their vacation home is community property....

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Accounting

Jack and Liz live in a community-property state and their vacation home is community property. This year they transferred the vacation home to an irrevocable trust that provides their son, Tom, a life estate in the home and the remainder to their daughter, Laura. Under the terms of the trust, Tom has the right to use the vacation home for the duration of his life, and Laura will automatically own the property after Tom's death. At the time of the gift, the home was valued at $500,000, Tom was 35 years old, and the 57520 rate was 5.4 percent. Use discount tables Exhibit 25-4, Required: a. What is the amount, if any, of the taxable gifts? b. Would your answer be different if the home was not community property and Jack and Liz elected to gift-spilt? Complete this question by entering your answers in the tabs below. Required A Required B What is the amount, if any, of the taxable gifts? Taxable gift to Laura by each Trocable gift to Tom by each Amount $ 33,520 $ 27,000 Required>

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