Business, 21.04.2020 17:24 NeverEndingCycle

During the current year, Mr. Jones made gifts to his son of the following items: A minivan with an adjusted basis of $13,000 and fair market value of $15,000. Bonds with an adjusted basis of $6,000 and fair market value of $18,000. Antique furniture with an adjusted basis of $12,000 and a fair market value of $35,000. An interest-free $10,000 loan on January 1, to buy a boat for his personal pleasure. His son repaid the loan in full on December 31. The applicable federal interest rate was 10%. Mr. and Mrs. Jones elect gift-splitting. What is the total amount of their taxable gifts to their son in the current year

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During the current year, Mr. Jones made gifts to his son of the following items: A minivan with an a...

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