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Taxation - Gift Tax

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In which, if any, of the following independent situations has Geraldine made a gift?

A. Geraldine gives her 19-year old son $20,000 to be used by him for his college expenses.
B. Geraldine buys her grandfather a new Jaguar for his birthday.
C. Geraldine sends $20,000 to Duke University to cover her nephew's tuition. The nephew does not qualify as Geraldine's dependent.
D. Geraldine contributes $10,000 to her Congressman's reelection campaign.
E. None of the above.

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Solution Summary

MS Word formatted file contains definitions and examples of transactions that would be excluded from the federal gift tax.

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For your convenience, I have attached a formatted MS Word file that contains the answer, as well as the source of the answer to your questions.

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In which, if any, of the following independent situations has Geraldine made a gift?

A. Geraldine gives her 19-year old son $20,000 to be used by him for his college expenses.
B. Geraldine buys her grandfather a new Jaguar for his birthday.
C. Geraldine sends $20,000 to Duke University to cover her nephew's tuition. The nephew does not qualify as ...

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