nancy gave her grandson sean twenty acres of land, Taxation

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nancy gave her grandson sean twenty acres of land

Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was $25,000. Nancy's marginal tax rate for the present year is 45%; her grandson's is 25%.Its fair market value was $575,000 at the date of the transfer. If the gift tax rate is 40 percent and she has never made a gift in excess of $10,000 before this, what amount of gift tax will she pay? Evaluate net tax savings percentage as a family unit if Sean sells the land

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Taxation: nancy gave her grandson sean twenty acres of land

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