Paul makes the following property transfers in the current year: -$ \$ 22,000 $ cash to his wife
-$ \$ 34,000 $ cash to a qualified charity
-$ \$ 220,000 $ house to his son
-$ \$ 3,000 $ computer to an unrelated friend The total of Paul's taxable gifts, assuming he does not elect gift splitting with his spouse, subject to the unified transfer tax is
A) $206,000.
B) $214,000.
C) $234,000.
D) $279,000.

Question

Quizplus · Accepted Answer

The total of Paul's taxable gifts, assuming he does not elect gift splitting with his spouse, subject to the unified transfer tax is $206,000. This is because the annual exclusion for gifts is $15,000 per person, and Paul's gifts to his wife and son exceed this amount. The gift to the charity is not taxable, and the gift to the friend is below the annual exclusion amount.

Paul Makes the Following Property Transfers in the Current Year $22,000 \$ 22,000 $22,000

Paul Makes the Following Property Transfers in the Current Year $\$ 22,000$