In 2015 Nathan made a taxable gift of $3 million to his nephew. In past years Nathan has made taxable gifts of $6 million and used a unified credit on an exemption equivalent of $5 million. What amount of gift tax, if any, must Nathan pay in 2015?

A-$628,000 B-$1,028,000 C-$1,200,000 D-$3,545,800

Jayden and Olivia got married in June 2015, and Jayden gave Olivia a gift of $67,000 in December 2015. What is the amount of the taxable gift?

A- $0 B- $53,000 C- $67,000 D- $39,000

Andrew and Brianna are married and live in a common law property state. For their birthdays this year Andrew gave cash gifts of $20,000 to each of his two daughters, and Brianna gave $30,000 to her niece. What is the amount of Andrew's and Brianna's combined taxable gifts for 2015 if they elect gift splitting?

A- $1,000 B- $14,000 C- $28,000 D-$2,000

Jonathan transferred $90,000 of cash in 2015 to his niece Hannah. He also gave a gift of $20,000 to a qualified charity. What is the amount of the taxable gift?

A- $90,000 B- $76,000 C- $82,000 D- $96,000

Silverado Corporation is a 100 percent owned Mexican subsidiary of Gold Nugget Corporation, a U.S. corporation. Silverado had post-1986 earnings and profits of 350,000,000 pesos and post-1986 foreign taxes of $10,000,000. During the current year, Silverado paid a dividend of 70,000,000 pesos to Gold Nugget. Assume an exchange rate of 1 peso = 0.10 dollars. Compute the tax consequences to Gold Nugget as a result of this dividend.

A-Taxable income of $7,000,000 and a deemed paid credit of $3,000,000

B- Taxable income of $10,000,000 and a deemed paid credit of 3,000,000

C-Taxable income of $7,000,000 and a deemed paid credit of $2,000,000

D- Taxable income of $9,000,000 and a deemed paid credit of $2,000,000