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QUESTION
Hank and Whitney have made the following lifetime transfers:
Hank and Whitney have made the following lifetime transfers:
- Hank and Whitney paid $162,500 in the years 2002-2006 directly to Texas Christian University for Oliver to achieve a degree in Ranch Management (assume $32,500 per year).
- Hank and Whitney paid $72,000 in the years 2005-2009 directly to Texas Tech University for Tabitha to achieve a degree in Fashion Merchandising (assume $12,000 per year).
- Hank and Whitney gave $50,000 in 2008 to Tiffany to open a restaurant in lieu of sending her to college.
- Hank and Whitney paid $150,000 to Children's Hospital for a lung transplant for Frank in 2015.
- In 2007, Hank gave Oliver $100,000 of his separate property as a wedding gift.
- In 2011, Hank gave Tabitha and Tiffany each $100,000 of his separate property as wedding gifts.
- Note: Whitney did not agree to split any of Hank's separate property gifts.
- 19. Calculate the taxable gifts made by Hank and Whitney for the following years: 2002 - 2015. Where appropriate, explain any exemptions or exclusions that applied.
- 20. Calculate the gift tax due in the same years. (Hint: each individual - whether married or single - should have a taxable gift calculation and gift tax calculation.
