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