Gloria Makes the Following Gifts During the Year: $16,000 Cash

question 80

Multiple Choice

Gloria makes the following gifts during the year: $16,000 cash to her son, Andy
Stock with a basis of $10,000 and a $31,000 fair market value to her sister, Helen
$100,000 to a revocable trust benefiting her nephew, George
Land with a basis of $60,000 and a fair market value of $50,000 to the American Cancer Society
Before considering the unified credit, what are Gloria's taxable gifts?

• A)$17,000
• B)$45,000
• C)$95,000
• D)$121,000

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Definitions:

Voluntary Dissolution

The intentional termination of a corporation or partnership through the decision of its owners or members, without external pressure.

Discontinue

The act of ending or stopping something formally, such as a service, product line, or business operation.

Person-organization Fit

The compatibility between an individual’s personality, skills, and values, and the culture, requirements, and values of an organization.

Emotional Expression

The process of conveying feelings and emotions through words, facial expressions, or actions.