During 2017, Mitchell, a single individual, made the following cash gifts: Donee Amount Alexandra..........................$ 7,200 Kaila....................................15,000 Marinka..............................34,000

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During 2017, Mitchell, a single individual, made the following cash gifts:

Donee                              Amount
Alexandra..........................$ 7,200
Kaila....................................15,000
Marinka..............................34,000

Alexandra used the money to pay for her medical expenses, whereas Kaila and Marinka used the money for personal purposes. Mitchell did not make any gifts in prior years. In filing the 2017 gift tax return, Mitchell will report a taxable gift of:

a. $0

b. $14,200

c. $21,000

d. $56,200

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Related Book For  book-img-for-question

South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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