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Use the following information to answer the next 2 questions. Jordan, a single woman, is...

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Accounting

Use the following information to answer the next 2 questions. Jordan, a single woman, is very generous. She enjoys giving gifts to others and has given taxable gifts of $5,000,000 in prior years. This past year (2019) she gave the following gifts:

1. For Judy, she wrote a check in the amount of $48,000 to the local hospital to pay Judy's medical bills

2. To Mark, she gave a new car valued at $62,000

3. To Kristen, she gave a $19,000 painting

4. To Haley, she gave $35,000 to pay for Haley's tuition for the year at Louisiana State.

a. Calculate Jordan's total taxable gifts for the 2019 calendar year. Note that the Annual Exclusion Amount in 2019 was also $15,000 and that the Applicable Credit Amount in 2019 was $4,505,800.

A. $71,000

B. $104,000

C. $116,000

D. $121,000

E. $146,000

b. Calculate Jordan's gift tax liability due for the current year. Note that the Annual Exclusion Amount in 2019 was also $15,000 and that the Applicable Credit Amount in 2019 was $4,505,800

A. $0

B. $32,800

C. $18,900

D. $44,000

E. $58,400

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