DEVRY ACCT 224 Week 4 Homework Assignment
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<strong>DEVRY</strong> <strong>ACCT</strong> <strong>224</strong> <strong>Week</strong> 4 <strong>Homework</strong><br />
<strong>Assignment</strong><br />
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<strong>224</strong>/acct-<strong>224</strong>-week-4-homeworkassignment<br />
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1. Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was<br />
$25,000. Nancy’s marginal tax rate for the current year is 45%; her grandson’s is<br />
25%.Its fair market value was $575,000 at the date of the transfer. If the gift tax rate<br />
is 40% and she has never made a gift in excess of $10,000 before this, what amount<br />
of gift tax will she pay? What is their net tax savings percentage as a family unit if<br />
Sean sells the land?<br />
Question two:<br />
1. Tom and Judy Bell, who file jointly, collected $6,000 of Social Security benefits,<br />
$18,000 in fully taxable pension payments and $10,000 of tax-exempt interest.<br />
How much of their Social Security is included in gross income? How would this<br />
change if they had received $20,000 in tax-exempt interest?
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