On June 1, Sherri Deposits $60,000 into a New Joint

question 90

Essay

On June 1, Sherri deposits $60,000 into a new joint bank account in the names of Sherri and John. Her friend John makes no deposits. On December 15th, John withdraws $25,000 from the joint account. What are the gift tax consequences, if any?

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Definitions:

Hydro-

A prefix indicating relation to water.

Hydrotherapy

The use of water in the treatment of different conditions, including arthritis and related rheumatic complaints.

Water

A colorless, odorless, tasteless liquid that forms the seas, lakes, rivers, and rain, and is the basis of the fluids of living organisms.

Uni-

A prefix meaning "one" or "single," used to denote singularity or uniqueness in various terms.