In 2015,Bill and his wife,Helen,made the following gifts: Bill's gifts: $50,000 to each of his five children; $30,000 to each of his six grandchildren; $100,000 to Central Hospital for his nephew's hospital bill.Helen's gifts: $100,000 to each of her two children; $50,000 to each of her three grandchildren; $200,000 a state senator's reelection campaign.
What are Bill's and Helen's respective taxable gifts (before their unified credit)if they elect gift splitting.

Question

Quizplus · Accepted Answer

[(5 x $50,000 x .5)+ (6 x $30,000 x .5)+ (2 x $100,000 x .5)+ (3 x $50,000 x .5)- (16 x $14,000)= $166,000 each.Neither the gift to the hospital nor to the reelection campaign is a taxable gift.

In 2015,Bill and His Wife,Helen,made the Following Gifts: Bill's Gifts