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What is amount of taxable gift for federal gift tax purposes

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Reference no: EM131831933

Question - Assume for 2011 that Don made one transfer involving his granddaughter as follows: Don opened a joint checking account with his granddaughter, with right of survivorship, for her college expenses. Don made an initial deposit of $100,000. During 20011, granddaughter wrote checks on the account to the school for tuition of $15,000 and living expenses of $20,000. What is the amount of the taxable gift for federal gift tax purposes?

a. 0.

b. $20,000.

c. $22,000.

d. $35,000.

e. none of the above.

Reference no: EM131831933

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