Last year Nate opened a savings account with a deposit of $17,550. The account was in...
Last year Nate opened a savings account with a deposit of $17,550. The account was in the name of Nate and Derrick, joint tenancy with the right of survivorship. Derrick did not contribute to the account, but this year he withdrew $5,850.
Required:
a-1. Has Nate made a completed gift at the time of
withdrawal?
a-2. What is the amount of the completed gift, if
any, and when was the gift made?
Homework Answers
Part A
No, Nate has not made a completed gift at the time of withdrawal. (As the account has joint tenancy with the right of survivorship.)
Part B
A complete gift of $5,850 was made when Derrick made the withdrawal.
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