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What portion of these gifts is subject to the gift tax

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Reference no: EM133036280

Question - Maxine, who is single, makes the following gifts during the current tax year. Assume that the gift tax exclusion is $15,000.

$16,000 to son to buy a new car

$20,000 to University of North Alabama to pay niece's tuition

$25,000 to the Independent Christian Church

What portion of these gifts is subject to the gift tax after consideration of the annual exclusion?

a. $60,000.

b. $22,000.

c. $9,000.

d. $1,000.

Reference no: EM133036280

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