What is the total gift tax annual exclusion available

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Reference no: EM131999510

1. Bateman Corporation sold an office building that it used in its business for $800,750. Bateman bought the building ten years ago for $599,625 and has claimed $201,125 of depreciation expense. What is the amount and character of Bateman's gain or loss?

2. Mrs. Smith wishes to make gifts of a substantial amount of cash to each of her four children this year. Assuming the gift tax annual exclusion is equal to $15,000, what is the total gift tax annual exclusion available if Mr. Smith consents to the gifts?

Reference no: EM131999510

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