During the year, Mitchell, a single taxpayer, gave the following gifts: $10,000 cash to his nephew $20,000tuition paid for his 24-year-old daughter, paid directly to the State University $20,000 cash to his brother 50shares of stock to his niece valued at $200 a share Assume an annual gift exclusion of $17,000. In filing hisannual gift tax return, what is the amount of his taxable gifts?

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what is the amount of his taxable gifts?

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter13: Estate Taxes

Section: Chapter Questions

Problem 2SYPS

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Question

During the year, Mitchell, a single taxpayer, gave the following gifts: $10,000 cash to his nephew $20,000
tuition paid for his 24-year-old daughter, paid directly to the State University $20,000 cash to his brother 50
shares of stock to his niece valued at $200 a share Assume an annual gift exclusion of $17,000. In filing his
annual gift tax return, what is the amount of his taxable gifts?

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