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valued at $19,994 per gift. Diane transferred to each of her
three children into the Duane Trust, 15 shares of Sathers stock
valued at $3,283 per gift.
Larry, Kathy, John, Sandra, Duane, and Diane each filed a
gift tax return wherein they reported these transfers as gifts,
and each married couple elected to have all the gifts made by
them treated as made one-half by each of them for gift tax
purposes. See sec. 2513. After application of the $10,000
exclusion per donee (nine claimed by each donee), none of the
donors paid any gift tax. The total value of transfers from each
married couple to their nieces and nephews and the total value of
property received by each niece and nephew are summarized as
follows:
Reported Value of Reported Value of
Stock Transferred to Stock Received from
Transferors Nieces and Nephews Transferees Aunts and Uncles
Larry and Kathy $119,964 Nephew $39,988
Nephew 39,988
Nephew 39,988
119,964
John and Sandra 119,964 Niece 39,988
Niece 39,988
Nephew 39,988
119,964
Duane and Diane 119,964 Niece 39,988
Nephew 39,988
Nephew 39,988
119,964
On December 31, 1992, and January 5, 1993, Rodney made gifts
of Sathers stock to each of his nine nieces and nephews in equal
amounts, and to Larry, Kathy, John, Sandra, Duane, and Diane in
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Last modified: May 25, 2011