Taylor,a Widow,makes Cash Gifts to Her Five Married Children (Including

question 140

Essay

Taylor,a widow,makes cash gifts to her five married children (including their spouses) and to her seven grandchildren.What is the maximum amount Taylor can give for calendar year 2015 without using her unified transfer tax credit?

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Definitions:

Consolidated Financial Statements

Financial statements that aggregate the financial position and results of operations of a parent company and its subsidiaries.

Direct Approach

A communication or problem-solving strategy that deals with issues in a straightforward and clear manner.

Consolidation

The process of combining the financial statements of a parent company with its subsidiaries to present accounts as if the group were a single entity.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.