Paul Makes the Following Property Transfers in the Current Year

question 39

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)$206,000.
• B)$214,000.
• C)$234,000.
• D)$279,000.

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Definitions:

Political Institutions

Structures and systems within a society that govern the conduct of public affairs, politics, and policy-making.

James Madison

The fourth president of the United States (1809-1817) who is known as the "Father of the Constitution" for his pivotal role in drafting and promoting the U.S. Constitution and the Bill of Rights.

Ethical Governance

The practice of governing or managing organizations, communities, or nations in a manner that is fair, transparent, accountable, and respects the rights and dignity of all individuals.

Bill of Rights

The first ten amendments to the United States Constitution, ratified in 1791, guaranteeing specific freedoms and rights to American citizens.