# ﻿DEVRY ACCT 224 Week 4 Homework Assignment

## ﻿DEVRY ACCT 224 Week 4 Homework Assignment

﻿DEVRY ACCT 224 Week 4 Homework Assignment

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acct-224/acct-224-week-4-homework-assignment

For more classes visit
http://www.assignmentcloud.com

1. Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was \$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?
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?
﻿DEVRY ACCT 224 Week 4 Homework Assignment

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acct-224/acct-224-week-4-homework-assignment

For more classes visit
http://www.assignmentcloud.com

1. Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was \$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?
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?
﻿DEVRY ACCT 224...