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Joan, who is single, made the following gifts this year: 2000 shares of RCM...

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Finance

Joan, who is single, made the following gifts this year:

  • 2000 shares of RCM stock with an adjusted basis of $126,000 and a FMV of $343,000 to her son.
  • An automobile with an adjusted basis of $15,000 and a FMV of $9,000 to her nephew.
  • $30,000 in cash to her daughter.

Joan made no other gifts during the year. What taxable gifts has she made this year?

Tom, who is single, gave a bond portfolio with an adjusted basis of $130,000 and a FMV of $140,000 to his daughter. This was his only gift to his daughter this year. What amount will be considered a taxable gift?

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