Calculate the amount of gift tax due if any on the 2008, Ask an Expert

Accounting

In 2008, Chris made the following gifts to:
Sue $33,000 Cash
Emily $22,200 Car

Calculate the amount of gift tax due (if any) on the 2008 gift, given Chris has made only one prior taxable gift of $1.5 million in 2005, at which he used the applicable unified credit. Please note the annual exclusion in 2008 was $12,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9403629

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