Tina made the following transfers during 2021:

• $17,000 to her grandson's law school for his tuition.
• $1,000 to her neighbor to help him pay a hospital bill.
• A transfer of property valued at $100,000 to a GRAT. Tina retained an annuity valued at $40,000 and her daughter is the remainder beneficiary.

What is the total amount of Tina's taxable gifts for 2021?

1. $40,000
2. $60,000
3. $62,000
4. $65,000