Question
Assume the annual gift-tax exclusion was $15,000 the year. Todd made the following transactions: He sold his $685,914 (fair market value) house to his daughter
Assume the annual gift-tax exclusion was $15,000 the year. Todd made the following transactions:
He sold his $685,914 (fair market value) house to his daughter for $12
He gave the Democratic party $30,378
He gave his son his share of his $82,951 (fair market value) boat, which they had both owned Joint Tenancy with Rights of Survivorship
He gave his niece $18,103 cash
He gave this same niece a $16,677 car
He paid Rutgers $26,034 so his son could attend college there
Compute Todd's taxable gifts for the year. Note: Express your answer in dollars, but without the dollar sign (e.g. enter 335290 for $335,290)
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