Joe, Kyle, and Sebastian formed an S corporation called Crimson Tide, Inc. Joe and Kyle both contributed cash of $$25,000$ to get things started. Sebastian gambled a lot and was a bit short on cash but had a parcel of land in Michigan valued at $$60,000($basis of $$50,000)$ that he decided to contribute. The land was encumbered by a $$35,000$ mortgage. What tax bases will each of the three have in their stock of Crimson Tide Inc.?

This year Margaryta and Chinecia purchased realty for $$200,000$ and took title as equal tenants in common. However, Margaryta was able to provide only $$40,000$ of the purchase price because she had spent a lot of money on a Disney cruise, so Chinecia paid the remaining $$160,000.$ Has Chinecia made a complete gift to Margaryta and if so$,$ in what amount?

Anthony is a single, naturally, and really rich but extremely cheap. He wants to make annual gifts of cash to each of his four children and six grandchildren. How much can Anthony transfer to his children and grandchildren this year if he makes the maximum gifts eligible for the annual exclusion? Let's imagine really hard that Anthony finds someone and she reluctantly agrees to marry him. Obviously she's doing it for the money. What is the amount of the total transfer if Anthony is married and elects gift splitting, assuming his spouse makes no other gifts?