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Decedent filed Federal gift tax returns reporting her gifts
of family farm land. Respondent has neither challenged the
valuations of the land reported on those returns nor asserted
that decedent made any gifts of land during the few gift tax
periods for which returns were not filed.
On the basis of the gift tax returns filed by decedent, the
value of the family farm land given by decedent during 1979-93
was the following:
Number of Unused
donees Applicable exclusion
(three annual for gifts
Value children Value of exclusion to the
of land plus gift per per three
Year given spouses) donee individual children
1979 -0- none -0- $3,000 $9,000
1980 $15,000 6 $2,500 3,000 1,500
1981 20,000 6 3,333 3,000 -0-
1982 30,500 6 5,083 10,000 14,750
1983 -0- none -0- 10,000 30,000
1984 55,264 6 9,211 10,000 2,368
1985 53,828 6 8,971 10,000 3,086
1986 60,313 6 10,052 10,000 -0-
1987 58,879 6 9,813 10,000 561
1988 59,980 6 9,997 10,000 10
1989 58,980 6 9,830 10,000 510
1990 59,622 6 9,937 10,000 189
1991 59,983 6 9,997 10,000 9
1992 -0- none -0- 10,000 30,000
1993 -0- none -0- 10,000 30,000
Total 532,349 121,983
In the foregoing table, the dollar amount shown in the last
column for any year is the amount of annual gift tax exclusion
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Last modified: May 25, 2011