James A. and Ella R. Polk, ages 70 and 65, are retired physicians who live at 13319 Taylorcrest Street, Houston, Texas 77079. Their three adult children (Benjamin Polk, Michael Polk, and Olivia Turner) are mature and responsible persons. The Polks have heard that the Obama administration has proposed lowering the Federal gift tax exclusion from $5.25 million to $3 million. Although this change may not occur, the Polks feel they should take advantage of the more generous exclusion available under existing law. Thus, in 2014, the Polks make transfers of many of their high value investments. These and other gifts made during 2014 are summarized below. Donor Aet Tranfer Jame lla Condominium located in Conroe (TX) acquired in 1999, cot $1.2 million, to enjamin, Michael, and Olivia a equal tenant in common. $1,900,000 $1,900,000 Office uilding, located in Round Rock (TX) uilt in 2001, cot $1.8 million, to enjamin, Michael, and Olivia a equal tenant in common. 2,300,000 2,300,000 Vacation ranch in andera (TX) inherited Jame from hi father in 1996, value then $900,000, to enjamin, Michael, and Olivia a equal joint tenant with right of urvivorhip. 2,600,000 –0– lla ued her eparate propert to reimure her father (Alan Roert) for hi heart pa operation. –0– 82,000 Paid for daughter’ (Olivia’) wedding to John Turner 20,000 20,000 Jame ued hi eparate propert to purchae a new automoile (MW) a a graduation preent (from medical chool) for hi favorite niece (Carol Polk) 42,000 –0– 4/14/2016 Print Preview http://ng.cengage.com/static/nb/ui/index.html?nbId=173142&nbNodeId=49766822&eISBN=9781305395275#!&parentId=49766930 2/2 Prepare 2014 gift tax returns (Form 709) for both of the Polks. A § 2513 election to split gifts is made. The Polks have made no taxable gifts in prior years. Relevant Social Security numbers are 123-45-6789 (James) and 123-45-6788 (Ella).
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