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(Solution) - Morris Jory a long time tax client of the firm you

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Morris Jory, a long-time tax client of the firm you work for, has made substantial gifts during his lifetime. Mr. Jory transferred Jory Corporation stock to 14 donees in December 2014. Each donee received shares valued at $14,000. Two of the donees were Mr. Jory?s adult children, Amanda and Peter. The remaining 12 donees were employees of Jory Corporation who are not related to Mr. Jory. Mr. Jory, a widower, advised the employees that within two weeks of receiving the stock certificates they must endorse such certificates over to Amanda and Peter. Six of the donees were instructed to endorse their certificates to Amanda and six to Peter. During 2014, Mr. Jory also gave $35,000 cash to his favorite grandchild, Robin. Your firm has been engaged to prepare Mr. Jory?s 2014 gift tax return. In early 2015, you meet with Mr. Jory, who insists that his 2014 taxable gifts are only $21,000 ($35,000 to Robin ? $14,000 annual exclusion). After your meeting with Mr. Jory, you are uncertain about his position regarding the amount of his 2014 taxable gifts and have scheduled a meeting with your firm?s senior tax partner, who has advised Mr. Jory for more than 20 years. In preparation for the meeting, prepare a summary of the tax and ethical considerations (with supporting authority where possible) regarding whether you should prepare a gift tax return that reports the taxable gifts in accordance with Mr. Jory?s wishes.


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This question was answered on: Jul 11, 2017

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