I need help answering these TAX questions.

1. In the year 2008 Todd, a widower, age 65, made the following gifts: (a) $82,000 of listed securities to his son; (b) $17,000 cash to his granddaughter; and (c) $13,000 to his church. What is the amount of Todd?s taxable gifts? (hint: what was the gift tax annual exclusion in 2008?) 2. In Question 1, assume that Todd was married when he made the gifts. What would be the value of his taxable gifts if his wife joined in the gifts? 3. In 2007 Edgar gave his three children gifts that exhausted his applicable gift tax exclusion amount. In 2008, Edgar gave his wife a boat that cost $150,000, and to each of his three children, Edgar gave securities valued at $220,000. Edgar split the gifts with his wife. What is Edgar?s gift tax liability in 2008? 4. In 2007, David Berry put $1.5 million into trust for his two children, and he bought a vacation home valued at $240,000 that he put in joint names with his two children. They own the vacation home in equal shares as tenants in common. David and his wife have agreed to split the gifts. Assuming no prior gifts were made, what is the amount of David?s gift tax liability? (What is the amount of gift tax he will actually pay?) 5. Mrs. Smith wishes to make gifts of a substantial amount of cash to each of her four children this year. Assuming the gift tax annual exclusion is equal to $14,000, what is the total gift tax annual exclusion available if Mr. Smith consents to the gifts?

\f. In the year 2008 Todd, a widower, age 65, made the following gifts: (a) $82,000 of listed securities to his son; (b) $17,000 cash to his granddaughter; and (c) $13,000 to his church. What is the amount of Todd's taxable gifts? (hint: what was the gift tax annual exclusion in 2008 $12000 gift tax annual exclusion in 2008 Todd's taxable gifts $82000+$17000=$99000 $13000 is charity not taxed 2. In Question 1, assume that Todd was married when he made the gifts. What would be the value of his taxable gifts if his wife joined in the gifts? $82000 tax exclusion for two will be $24000 3. In 2007 Edgar gave his three children gifts that exhausted his applicable gift tax exclusion amount. In 2008, Edgar gave his wife a boat that cost $150,000, and to each of his three children, Edgar gave securities valued at $220,000. Edgar split the gifts with his wife. What is Edgar's gift tax liability in 2008? The for spouse is non taxable $150000 Gift exclusion in 2008 for two couples is 24000 He gave children $220000+$220000=$440000 -24000=$416000 gift tax liability 4. In 2007, David Berry put $1.5 million into trust for his two children, and he bought a vacation home valued at $240,000 that he put in joint names with his two children. They own the vacation home in equal shares as tenants in common. David and his wife have agreed to split the gifts. Assuming no prior gifts were made, what is the amount of David's gift tax liability? (What is the amount of gift tax he will actually pay?) $1.5+$240000=$1.74milion tax exclusion =$26000 for two couples $1.74-$26000=$1714 000 5. Mrs. Smith wishes to make gifts of a substantial amount of cash to each of her four children this year. Assuming the gift tax annual exclusion is equal to $14,000, what is the total gift tax annual exclusion available if Mr. Smith consents to the gifts? It is $14000+$14000=$28000