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In 2017, John makes a gift to his Billy. The amount of the gift is...

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Accounting

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In 2017, John makes a gift to his Billy. The amount of the gift is $50,000 in cash. John also gifts Billy and Jennifer a home which they own jointly. The basis of the home at the time of the gift is $100,00 and the FMV is $500,000. Billy dies three years later. At the time of his death, the FMV of the home is now $1,000,000. 49. What value of the taxable gifts made by John in 2017? A. $550,000 B. $520,000 C. $500,000 D. $150,000 E. None of the above

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