Deborah provides the following list for her CPA who is preparing her gift tax return. Which of the following will be included as a taxable gift?Payment to her grandmother of $20,000 to help her with her medical bills.Payment to Doctor’s Hospital for $35,000 to cover the medical bills of a friend.Payment to Northshore Medical School for $17,000 to cover her nephew’s tuition.$6,000 to her son to help cover his college expenses.Carole made the following transfers this year:She gave her friend, Paul, $23,000 to pay his tuition for law school.She made a $14,000 alimony payment of $20,000 to her ex-husband.She paid $20,000 to Diamond Shores Hospital for her friend Jackie’s medical bill.If these are the only gift transactions this year, what is the amount of Carole’s taxable gifts?

The correct answer option- A - Payment to her grandmother of $20,000 to help her with her medical…

Answered: Deborah provides the following list for…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Deborah provides the following list for her CPA who is preparing her gift tax return. Which of the following will be included as a taxable gift?

Payment to her grandmother of $20,000 to help her with her medical bills.
Payment to Doctor’s Hospital for $35,000 to cover the medical bills of a friend.
Payment to Northshore Medical School for $17,000 to cover her nephew’s tuition.
$6,000 to her son to help cover his college expenses.

Carole made the following transfers this year:

She gave her friend, Paul, $23,000 to pay his tuition for law school.
She made a $14,000 alimony payment of $20,000 to her ex-husband.
She paid $20,000 to Diamond Shores Hospital for her friend Jackie’s medical bill.

If these are the only gift transactions this year, what is the amount of Carole’s taxable gifts?

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