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What portion of the gifts is subject to the gift tax

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Reference no: EM132950792

Maxine, who is single, makes the following gifts during the current tax year. Assume that the gift tax exclusion is $15,000.

$16,000 to son to buy a new car
$20,000 to University of North Alabama to pay niece's tuition
$25,000 to the Independent Christian Church

Problem 1: What portion of these gifts is subject to the gift tax after consideration of the annual exclusion?

Option 1: $60,000.

Option 2: $22,000.

Option 3: $ 9,000.

Option 4: $ 1,000.

Reference no: EM132950792

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