Gary made the following gifts in 2020. He purchased land for $100,000 and titled the land in joint tenancy with his wife Debbie He made a cash gift of $60,000 to The American Cancer Society (a public charity) He made a gift of Starbucks stock valued at $70,000 to his son Jon. Gary and Debbie did not elect gift spitting. What amount of taxable gifts did Gary make? 

A $90,000 

B. $55,000 

C. $140,000 

D. $70,000.

Which of the following events will terminate an S Corporationelection?

A. An S Corporation borrows money from a bank.

B. None of these events terminate an S Corporation election.

C. An S Corporation that never operated as a C Corporation ( no C Corp E&P ) had more than 25 % of its gross receipts from passive investment income for 3 consecutive years .

D. An S Corporation purchases the stock of a C Corporation.

Answer rating: 100% (QA)

1 Answer A 90000 Explanation Purchase of land jointly 100000 2 50000 Gift to ... View the full answer