Don made an initial deposit of 100000. during 2013, Ask an Expert

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Assume for 2013 that Don made one transfer involving his grandson as follows: Don opened a joint checking account with his grandson, with right of survivorship, for his grandson's college expenses. Don made an initial deposit of $100,000. During 2013, grandfather wrote checks on the account to the university for grandson's tuition of $15,000 and grandson's living expenses of $20,000. What is the amount of the taxable gift for federal gift tax purposes?

a. 0.

b. $6,000.

c. $20,000.

d. $35,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939000

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