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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.

Solution Preview

For your convenience, I have attached a formatted MS Word file that contains the answer, as well as the source of the answer to your questions.

Feel free to contact me in the future, in the event that the need for help arises.

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.

$2.19