Questions 7 to 8: Lance has two adult children. Lance is not married. Lance has never...
Questions 7 to 8: Lance has two adult children. Lance is not married. Lance has never made any taxable gifts before. Lance made gifts to his children as follows:
2019: Outright Gifts of $50,000 in cash to each child
7. What is the amount of Lance’s total taxable gifts in 2019?
- $15,000
- $30,000
- $70,000
- $100,000
8. What is Lance’s gift tax liability for 2019 before applying his unified credit?
- $13,600
- $15,600
- $32,000
- $40,000
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Questions 7 to 8: Lance has two adult children.
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