Gloria makes the following gifts during the year: $15,000 cash to her son,Andy
Stock with a basis of $10,000 and a $30,000 fair market value to her sister,Helen
$100,000 to a revocable trust benefiting her nephew,George
Land with a basis of $60,000 and a fair market value of $50,000 to the American Cancer Society
Before considering the unified credit,what are Gloria's taxable gifts?

Question

Quizplus · Accepted Answer

A)($15,000 - 14,000)+ ($30,000 - 14,000)= $17,000.The transfer to a trust is not a completed gift since it is revocable,and the transfer to charity is excluded.

Gloria Makes the Following Gifts During the Year: $15,000 Cash