Transcribed image text: Ken made the following transfers during the current year. 

Determine Ken's taxable gifts for the current year. 

• Transferred $250,000 in cash and securities to a revocable trust, life estate to himself and remainder interest to his two children. 

• Purchase a $50,000 automobile for his fiancée. 

• Purchased a $75,000 certificate of deposit listing title as "Ken, payable on proof of death to Linda." 

• Paid $20,000 to a college for room and board for his nephew 

• Paid $24,000 to a college for tuition for his nephew. 

• Gave his aunt $40,000 for a medical procedure.

Answer rating: 100% (QA)

Answer On account of transfer of cash and securities worth 250000The transfer is certainly not a tax... View the full answer