Jayden gave Olivia a ring when she agreed to marry him. The ring is a family heirloom valued at $67,000. What is the amount of the taxable gift?
A) zero - the marital deduction offsets the gift as long as Jayden and Olivia are married by year end.
B) $53,000
C) $67,000
D) zero - this transfer is not gratuitous.
E) None of these
Correct Answer:
Verified
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