During 2016, Will gives $40,000 cash to Will, Jr. and a remainder interest in a few acres

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During 2016, Will gives $40,000 cash to Will, Jr. and a remainder interest in a few acres of land to his friend Suzy. The remainder interest is valued at $32,000. Will and his wife, Helen, elect gift splitting, and during the current year Helen gives Joyce $8,000 of stock. What is the total amount of the annual gift tax exclusions available to Will and Helen?

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Federal Taxation 2017 Comprehensive

ISBN: 9780134421438

30th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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