During the Current Year, Joseph Horton Made the Following Gifts

question 6

Multiple Choice

During the current year, Joseph Horton made the following gifts: $15,000 to the local church
$13,000 to his son, Sam
$2,000 to Scrags Community College for Sam's tuition fte gift tax return would show the following:

• A) Gross gifts of $30,000 less one $13,000 exclusion and a charitable deduction of $15,000.
• B) Nothing, since none is due.
• C) Gross gifts of $25,000, less two $13,000 exclusions, and a $5,000 charitable deduction.
• D) A gross gift of $15,000, less a $13,000 exclusion and a $5,000 charitable deduction, for a net gift of zero.

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Definitions:

Sodium

A chemical element, symbol Na, essential to human health but required in moderate amounts, commonly found in table salt.

Beta-Endorphins

Natural peptides produced by the body that act as neurotransmitters to reduce pain and promote feelings of well-being.

Aerobic Exercise

Physical activity that improves cardiovascular health by increasing the heart rate and oxygen intake for a prolonged period.

Anxiety

A feeling of worry, nervousness, or unease about something with an uncertain outcome.