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Bill and Mary, who are married to each other and live in a community property state, made the following gifts this year: Bill gave their
Bill and Mary, who are married to each other and live in a community property state, made the following gifts this year:
- Bill gave their son, Adam, a car worth $16,000 owned as community property. Bill also gave Adam his stamp collection (community property) valued at $60,000.
- Bill gave his brother John $54,000 of Bill's separate property so John could purchase a new home.
- Bill gave his sister Kim $14,000 in cash from his and Marys joint checking account which consists only of community property.
Assuming Mary did not want to split any separate property gifts, what are Bill's total taxable gifts after taking into consideration any available deductions or exclusions. Enter your answer below in as a whole number with no dollar sign
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