DEVRY ACCT 224 Week 3 Homework Assignment

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DEVRY ACCT 224 Week 4 Homework Assignment

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• 1. Nancy gave her grandson, Sean, twenty acres of
  land. Her tax basis in the land was 25,000.
  Nancys marginal tax rate for the current year is
  45 her grandsons 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?
• Question two
• 1. Tom and Judy Bell, who file jointly, collected
  6,000 of Social Security benefits, 18,000 in
  fully taxable pension payments and 10,000 of
  tax-exempt interest.
• How much of their Social Security is included in
  gross income? How would this change if they had
  received 20,000 in tax-exempt interest?