Andrew and Brianna are married and live in Texas, a community-property state. For their birthdays this year Andrew gave cash gifts of $20,000 to each of his two daughters, and Brianna gave $34,000 to her niece. What is the amount of Andrew's taxable gifts?
A. zero only if Andrew and Brianna elect to split gifts.
B. $10,000.
C. $25,000.
D. $2,000.
E. None of the choices are correct.
Answer: D
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Loren Company's balance sheet shows a trade name acquired as part of a business combination with a carrying value of $30 million. The trade name has an indefinite life and therefore Loren does not amortize it. Negative publicity regarding the product carrying the trade name has reduced its fair value to $24 million and its value in use to $22 million. The entry is as follows:
a. Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 8,000,000 Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 8,000,000 b. Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 6,000,000 Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 6,000,000 c. Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 4,000,000 Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 4,000,000 d. Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 6,000,000 Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 e. Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 8,000,000 Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000
A husband transfers $90,000 by gift directly to his wife. The marital deduction for the transfer is
A) $0 unless he elects to claim one. B) $90,000. C) $75,000. D) none of the above
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