Question
Ms. Smart, a single taxpayer, made three gifts this year: $6,300 cash to her niece; $50,000 cash contribution directly to Yale University; and 5,000 acres
Ms. Smart, a single taxpayer, made three gifts this year: $6,300 cash to her niece; $50,000 cash contribution directly to Yale University; and 5,000 acres of land to her brother.
Ms. Smart's tax basis in the land was $400,000, and its fair market value on the date of the gift was $615,000. Compute Ms. Smart's taxable gifts for the year.
| A. | $386,000 | |
| B. | $600,000 | |
| C. | $593,300 | |
| D. | $637,000 |
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Waste Management And Environmental Auditing Of An Urban Road Project
Authors: Babagana Mohammed, Salim Mohammed Sani
1st Edition
3330344563, 978-3330344563
