Before considering the unified credit, what are Gloria's taxable gifts?
Gloria makes the following gifts during the year:
$16,000 cash to her son, Andy
Stock with a basis of $10,000 and a $31,000 fair market value to her sister, Helen
$100,000 to a revocable trust benefiting her nephew, George
Land with a basis of $60,000 and a fair market value of $50,000 to the American Cancer Society
A) $17,000
B) $45,000
C) $95,000
D) $121,000
A) $17,000
($16,000 - 15,000) + ($31,000 - 15,000) = $17,000. The transfer to a trust is not a completed gift since it is revocable, and the transfer to charity is excluded.
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