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Determine Ken taxable gifts for the current year

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Reference no: EM132617143

Question - Ken made the following transfers during the current year:

Transferred $250,000 in cash and securities to a revocable trust, life estate to himself and remainder interest to his two children.

Purchase a $50,000 automobile for his fiancée.

Purchased a $75,000 certificate of deposit listing title as "Ken, payable on proof of death to Linda."

Paid $20,000 to a college for room and board for his nephew

Paid $24,000 to a college for tuition for his nephew.

Gave his aunt $40,000 for a medical procedure.

Required - Determine Ken's taxable gifts for the current year.

Reference no: EM132617143

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