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Question 1

In 2017, Tina gave each of her three grandchildren, Avril, Samantha and Tucker, $20,000 in cash as their birthday presents. Tina paid gift tax on the excess amounts over the annual exclusion amount. The gift tax is subtracted from the gift.

Question 2

In 2017, Juan gave his nephew, Gustavo, a new car (value $15,000) as a graduation gift. In addition, Juan gave his daughter, Gina, $5,000 in cash. How much did Juan give in taxable gifts?

Question 3

In 2017, Matthew gave $14,000 in AOL Time Warner stock to his niece, Candy. He also gave $7,500 in U.S. Treasury bonds to his cousin, Grady.

Question 4

In 2017, Matthew and his wife, Simone, gave $28,000 in AOL Time Warner stock to his niece, Candy. They also gave $15,000 in U.S. Treasury bonds to his cousin, Grady. Simone gave another $15,000 to her sister, Sheila.

Question 5

Phillip's son, Barney, will leave for college in Massachusetts in a couple of weeks. Phillip paid $55,000 to the university last month for the $35,000 tuition; the balance will cover room, board and other fees. In addition, Phillip deposited $5,000 into Barney's new bank account to cover emergencies.

Question 6

Marilyn's sister, Mandy, broke her leg and suffered some internal injuries in a motorcycle accident. She spent three days in the hospital and had an operation to put a pin in her leg. Afterwards, she spent four weeks in physical therapy. Since Mandy did not have insurance, Marilyn gave her $32,000 to cover her medical expenses.

Question 7

Jasmine recently emigrated to the U.S. from Canada to marry her boyfriend, Thomas. They went to Hawaii for their honeymoon. During one of their shopping trips at a local boutique, Thomas bought Jasmine a diamond and ruby pendant for $150,000. The pendant is a taxable gift.

Question 8

Jordan and his wife, Antoinette, recently had their first child. To celebrate the occasion, Jordan bought his wife a brand new Volvo ($35,000) to replace their old station wagon. In addition, he bought her a diamond engagement ring for $350,000. When they married six years ago, he could not afford to buy her a substantial ring. They were high school sweethearts and still live in Orlando, where they were both born and raised. Which of the following is correct?

Question 9

Scott gave $12,000 to his alma mater for a special scholarship drive. In addition, during 2017, he gave $15,000 to his church. Lastly, he gave $5,000 to a local homeless shelter.