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Lance has two adult children from a previous marriage. He has gifted them money for the...

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Accounting

Lance has two adult children from a previous marriage. He hasgifted them money for the past three years from his separate bankaccount and his wife has consented to split the gifts each year.Lance made gifts to his children as follows:

2016: Gifts of $60,000 to each child

2017: Gifts of $40,000 to each child

2018: Gifts of $50,000 to each child

  1. What is the amount of Lance’s total taxable gifts?

Answer & Explanation Solved by verified expert
4.1 Ratings (879 Votes)
Gift iof isum iof imoney iand iother ivaluable iproperties iwas iused ias ia itool ito iconvert iblack imoney iinto iwhite imoney iThe iFinance iAct i2009 iintroduced iprovisions irelating ito itaxation iof igifts ivide iSection i562vii iwef iOctober i1 i2009 ito iregulate ithe iconversion iof iblack imoney iinto iwhite imoney ivia ithe imedium iof igifts Section i562vii iwas iapplicable iwhere igifts iwere ireceived iby iindividualsHUF iGifts ireceived iby iany iother iperson iwere istill ikept iout iof ithe iambit iof iincome itax iTo itax igifts ireceived iby iany iperson ion ior iafter 1st iApril i2017 ithe iFinance iAct i2017 ihas iintroduced iSection i562x iin iplace iof iSection i562vii i If ia iperson ireceives iany isum iof imoney ifrom iany iother iperson iwithout iconsideration iie    See Answer
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