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Unified transfer tax rate schedule and gift tax

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What is the Unified Transfer Tax Rate Schedule and how does it compare/contrast to the estate tax rates and/or the gift tax rates?

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Unified transfer tax credit is used to offset estate taxes and gift taxes and for 2014, the applicable exclusion is $5,340,000 (Congressional Research Service, 2014, n.p.). On the other ...

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This solution provide a discussion regarding unified transfer tax rates, estate tax rates, and gift tax rates.

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Gift tax Form 709 for Dale and Andrea Dixon

See the attached file in proper format

GIFT TAX FORM 709

Dale C. and Andrea M. Dixon (Social Security numbers 123-45-6789 and 123-45-6788) live at 912 Mockingbird Lane, Pine Bluff, AR 71602. Both are active in real estate ventures and in the past have developed and owned numerous shopping centers in various parts of Arkansas and northern Mississippi. They have two children, Calvin (age 21) and Cindy (age 22), both of whom attend college. During 2009, Dale and Andrea made the following transfers.

Donor
Transfer Dale Andrea
Paid Falcon University for the college expenses relating to Calvin and Cindy: tuition ($70,000), lodging ($7,000), and board ($9,000).
43,000
43,000
Purchased a tract of undeveloped land in Grant County, listing title as ''Calvin and Cindy Dixon, joint tenants with right of survivorship.''
100,000
100,000
Paid the medical providers (e.g., physicians, hospital) for Cheryl Dixon's heart surgery. Cheryl is Dale's mother but not a dependent of the Dixons.
40,000
Gave the Martins (Andrea's parents) an RV as an anniversary present.

110,000
Reimbursed Gail Nash (Dale's sister) for the legal expenses she incurred in obtaining a divorce. Gail is not a dependent of the Dixons.
30,000

In 2008, the Dixons created several family trusts. As a result, they made taxable gifts of $2.1 million and paid a gift tax of $41,000. Prepare 2009 gift tax returns (Form 709) for the Dixons. As in the past, the Dixons make the § 2513 election to split the gifts.

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