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During the current year, Fred and Wilma, who file married jointly, made the following transfers as a couple: Fair Market Value Cash to his
During the current year, Fred and Wilma, who file married jointly, made the following transfers as a couple: Fair Market Value Cash to his sister $50,000 Cash to St. Anne's Church 40,000 Cash to the Republican Party 30,000 Cash paid to college for his nephew's tuition 48,000 Payment made directly to local hospital for the medical expenses of her friend 55,000 Real estate: Life estate to her brother Remainder to her niece 80,000 60,000 The couple makes the gift splitting election. None of the individuals gifted are dependents of the couple. Assume the annual gift tax exclusion is $17,000. What is the total amount of taxable gifts that Wilma must report? Show work for partial credit.
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