Annnual gift tax exclusion

Assignment Help Accounting Basics

Reference no: EM13129461

Vincent makes the following property transfers in the current year.

• $5,000 tuition for a grandson paid directly to the school

• $1,000 medical expense for a child paid directly to a hospital

• $500 donation to the Democratic party

• $10,000 property settlement in conjunction with a divorce

• $3,000 room and board at college for a grandson paid directly to the school

Vincent's gifts for the year before considering the annual gift tax exclusion total

a.$19,500
b.$19,000
c.$3,000
d.$0

Reference no: EM13129461

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