During the current year, Mann, an unmarried U.S. citizen, made a $5,000 cash gift to an only

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During the current year, Mann, an unmarried U.S. citizen, made a $5,000 cash gift to an only child and also paid $25,000 in tuition expenses directly to a grandchild's university on the grandchild's behalf. Mann made no other lifetime transfers.

Assume that the gift tax annual exclusion is $14,000. For gift tax purposes, what was Mann's taxable gift?

A. $30,000

B. $25,000

C. $17,000

D. $0

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Posted Date: Oct 04, 2018 04:06 AM

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During the current year, Mann, an unmarried U.S. citizen, made a $5,000 cash gift to an only

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Expert Answer:

D 0 Mann can give up to 14000 to any individual and pay no gift tax ... View the full answer

Intermediate Accounting Reporting and Analysis

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