Jimmy Johnson made several gifts during the year. He gave his niece $9,000 as a graduation gift; he paid $15,000 college tuition for his nephew; and gave his daughter $26,000 as a wedding gift. Jimmy is not married. What are the total taxable gifts to be reported?

• A.$26,000

• B.$41,000

• C.$50,000

• D.$11,000

Andrew gave several taxable gifts to friends and relatives during 2020. He also gave $50,000 to his favorite charity, a qualified 50% organization. When he files his 2020 Form 709, what amount of the charitable donation will Andrew enter as a taxable gift (Schedule A, Part 4, line 11)?

• A.$0

• B.$50,000

• C.$25,000

• D.$35,000

John and Mary were married on July 1, 2020. During 2020, John gave the following gifts:

1. 2/21/20 - $10,000 worth of ABC Corp. stock to Johns son David
2. 4/20/20 - $30,000 worth of vacant land to Johns daughter Susan
3. 10/31/20 - $100,000 cash to Mary
4. 11/18/20 - $20,000 worth of XYZ Corp. stock to Johns son David

Mary did not make any gifts during 2020. John and Mary agreed to split gifts for 2020. What is the amount of gifts that can be split between John and Mary in 2020?

• A.None of the answers are correct.

• B.$160,000

• C.$20,000

• D.$60,000

Joe is contemplating retirement and decided to simplify his financial situation by disposing of some assets. He had the following transactions during the year:

1. Sold his business to his son for $100,000. The fair market value of the business at the time of the sale was $175,000.
2. Paid college tuition of $16,000 directly to the college for his brothers child.
3. Gave stock valued at $15,000 to his alma mater.
4. Paid $20,000 of the medical expenses directly to the doctor of his sister who had no insurance.

What is the total amount of gifts (before adjusting for the annual exclusion) that should be reported on his gift tax return for the year?

• A.$106,000

• B.$126,000

• C.$90,000

• D.$91,000

In March of the current year, H transferred $200,000 to Daughter and $200,000 to Son. In July of the same year, Hs wife transferred $5,000 to Son. No other gifts were made. H and his wife elected to split the gifts on their gift tax returns. What is the amount of current-year taxable gifts made by H and Hs wife?

• H

  Hs Wife

• A.

  H $340,741

  Hs Wife $4,259

• B.

  H $172,500

  Hs Wife $172,500

• C.

  H $187,500

  Hs Wife $187,500

• D.

  H $345,000

  Hs Wife $0