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What amount has Don made a taxable gift

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Reference no: EM132446462

Question - This year Don and his son purchased real estate for an investment. The price of the property was $500,000, and the title named Don and his son as joint tenants with the right of survivorship. Don provided $320,000 of the purchase price and his son provided the remaining $180,000. Has Don made a taxable gift and, if so, in what amount?

A) Don has made a taxable gift of $70,000.

B) Don has made a taxable gift of $55,000.

C) Don has made a taxable gift of $22,000.

D) Don has made a taxable gift of $205,000.

E) None of the choices are correct - Don did not make a taxable gift.

Reference no: EM132446462

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