Nancy gives her grandson, Sean, 20 acres of land.

In a tax evasion case, a corporation may be fined up
February 11, 2020
How does the study of criminology relate to the detection or deterrence of fraud? How does it differ from the study of accounting or auditing?
February 11, 2020

   Nancy gives her grandson, Sean, 20 acres of land. Her tax basis in the land is $25,000. Nancy’s

marginal tax rate for the current year is 45%; her grandson’s is 25%. Its fair market value was $575,000 at the date of the transfer. If the gift tax rate is 40% and she has never made a gift in excess of $10,000 before this, what amount of gift tax will she pay? What is their net tax savings percentage as a family unit if Sean sells the land?

 
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