Question
Jordan, a single woman, is very generous. She enjoys giving gifts to others and has given taxable gifts of $1,000,000 in prior years. This year
Jordan, a single woman, is very generous. She enjoys giving gifts to others and has given taxable gifts of $1,000,000 in prior years. This year she gave the following gifts:
| Recipient | Gift | Amount |
| Judy | Cash to pay Judys medical bills | $32,000 |
| Mark | New car | $48,000 |
| Kristen | Painting | $7,000 |
| LSU | Check to pay for Haleys tuition for the year | $19,000 |
Calculate Jordans gift tax liability due for 2020.
Group of answer choices
$0.
$15,170.
$16,120.
$18,900.
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The Finance Book
Authors: Stuart Warner, Si Hussain
2nd Edition
1292401982, 978-1292401980
