Paul Makes the Following Property Transfers in the Current Year

question 51

Multiple Choice

Paul makes the following property transfers in the current year: • $22,000 cash to his wife
• $34,000 cash to a qualified charity
• $220,000 house to his son
• $3,000 computer to an unrelated friend
The total of Paul's taxable gifts,assuming he does not elect gift splitting with his spouse,subject to the unified transfer tax is

• A)$205,000.
• B)$212,000.
• C)$245,000.
• D)$279,000.

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Definitions:

Mere Bystander

An individual who is present at an event or incident but does not take any part in it.

Original Purchaser

The first party to buy a product or service directly from the supplier or manufacturer.

Warnings

Notices given to consumers or users about the potential risks or dangers associated with a product or service to mitigate liability.

Product Itself

Refers directly to the tangible or intangible goods being offered or sold to consumers.