nna makes the following transfers in 2022: $250,000 to Greg, her spouse, who is US Citizen 20,000 to Elena, her daughter 50,000 to Harvard University for Tuition for Elena 25,000 to Yale for Cancer research. Does Donna need to file a gift tax return? Why or why

nna makes the following transfers in 2022: $250,000 to Greg, her spouse, who is US Citizen 20,000 to Elena, her daughter 50,000 to Harvard University for Tuition for Elena 25,000 to Yale for Cancer research. Does Donna need to file a gift tax return? Why or why

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ma4.

Donna makes the following transfers in 2022:

$250,000 to Greg, her spouse, who is US Citizen

20,000 to Elena, her daughter

50,000 to Harvard University for Tuition for Elena

25,000 to Yale for Cancer research.

Does Donna need to file a gift tax return? Why or why not?

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