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1. Nancy gives her grandson, Sean, 20 acres of land. Her tax basis in the land is $25,000. Nancy's marginal tax rate for the current 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% and she has never made a gift in excess of $10,000 before this, what amount of gift tax will she pay? What is their net tax savings percentage as a family unit if Sean sells the land?
2. Tom and Judy Bell, who file jointly, collected $6,000 in Social Security benefits, $18,000 in fully taxable pension payments, and $10,000 in tax-exempt interest. How much of their Social Security is included in gross income? How would this change if they had received $20,000 in tax-exempt interest?
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