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What is the amount of nancy taxable gifts

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Reference no: EM131619989

Question - During the current year Nancy, who is single, made the following gifts:

  • Paid $15,000 in medical bills for her friend. The payments were paid directly to her friend's doctor.
  • Gave $18,000 to her mother to help her with rent and groceries.
  • Gave $20,000 to her nephew Tom to get him started in business.
  • Also made a $50,000 interest-free demand loan to her nephew James last year. The loan is still outstanding at the end of the current year. The applicable federal interest rate during the current year remained constant at 10%.

What is the amount of Nancy's taxable gifts (i.e. after annual exclusions) in the current year?

A. $53,000

B. $10,000

c. $11,000

D. $6,000

Reference no: EM131619989

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