1.Oscar made taxable gifts as follows:

a.$900,000 in 1976

b.$1.3 million in 1999

c.$700,000 in 2015

What is Oscar's gift tax liability in 2015?

2.Determine the amount of completed gift if any from the following occurrences:

a.A parent sells real estate valued at $1.5million to an adult child who pays $900,000 in consideration

b.A furniture store holds a clearance sale and sells a customer a $6,000 dining room set for $2,000

c.During the year, a father purchases food and clothing $8,000 for his minor child.

d.A wealthy person contributes $1,500 to a political organization

e.Jeremy lends $500,000 interest free to his brother Jacob who signs a demand note.The applicable interest rate is 6% and the note remains unpaid at year-end.