Vincent makes the following property transfers in the current year. $5,000 tuition for a grandson paid

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Vincent makes the following property transfers in the current year.

• $5,000 tuition for a grandson paid directly to the school

• $1,000 medical expense for a child paid directly to a hospital

• $500 donation to the Democratic party.

• $10,000 property settlement in conjunction with a divorce

• $3,000 room and board at college for a grandson paid directly to the school

Vincent's gifts for the year before considering the annual gift tax exclusion total

a. $19,500

b. $19,000

c. $3,000

d. $0

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Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Question Posted: Jan 10, 2013 06:45 AM

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Vincent makes the following property transfers in the current year. $5,000 tuition for a grandson paid

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c3000 Computation of the annual gift tax exclusion total Particulars Amount ...View the full answer

Income Tax Fundamentals 2013

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