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Show the calculation of current year gift tax liability

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Reference no: EM131805317

Question - Peter is single. In the current year, he made the following gifts:

  • $15,000 cash to his son
  • Equipment to his brother (FMV $12,000, Adjusted basis $8,000)
  • $100,000 cash to DBU
  • Jewelry to his daughter (FMV $40,000, Adjusted basis $12,000)

Peter has made taxable gifts in prior years of $125,000. Show the calculation of current year gift tax liability before unified credit.

Reference no: EM131805317

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