1. If a donor wishes to give monetary gifts of an unlimited number of people, describe the tax consequences to the donor and to the donees. Describe any limits on the donor.

1. Suppose the donor in item 1 (above) is married. If his/her spouse joins in the gifting program, are there any additional advantages/disadvantages? If so, what are they?

1. When considering assets to gift versus property to keep, describe (3) types of property to gift. Discuss your reasoning.

1. When considering assets to gift versus property to keep, describe (3) types of property to keep. Discuss your reasoning.

1. The gift tax is related to estate tax. Describe the current (2017) exemption amount and unified credit.

1. Lance hastwoadult children from a previous marriage. He has gifted them money for the past three years as follows:

2014:Gifts of $60,000 to each child

2015:Gifts of $40,000 to each child

2016:Gifts of $50,000 to each child

What is the amount of Lance's total taxable gifts? Show your computations.

1. If Lance's wife, Darla, agreed to gift-split Lance's gifts (above), what is the amount of Lance's total taxable gifts? Show your work.

1. If an individual makes a taxable in excess of the annual exclusion (currently $14,000), does the donor have to pay gift tax that year? Describe the gift tax consideration