Taxation - Gift Tax
In which, if any, of the following independent situations has Geraldine made a gift?
A. Geraldine gives her 19-year old son $20,000 to be used by him for his college expenses.
B. Geraldine buys her grandfather a new Jaguar for his birthday.
C. Geraldine sends $20,000 to Duke University to cover her nephew's tuition. The nephew does not qualify as Geraldine's dependent.
D. Geraldine contributes $10,000 to her Congressman's reelection campaign.
E. None of the above.
https://brainmass.com/business/accounting/taxation-gift-tax-142502
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In which, if any, of the following independent situations has Geraldine made a gift?
A. Geraldine gives her 19-year old son $20,000 to be used by him for his college expenses.
B. Geraldine buys her grandfather a new Jaguar for his birthday.
C. Geraldine sends $20,000 to Duke University to cover her nephew's tuition. The nephew does not qualify as ...
Solution Summary
MS Word formatted file contains definitions and examples of transactions that would be excluded from the federal gift tax.