1. Assume for 2014 that Don made one transfer involving his

1. Assume for 2014 that Don made one transfer involving his granddaughter as follows: Don opened a joint checking account with his granddaughter, with right of survivorship, for her college expenses. Don made an initial deposit of $100,000. During 2014, granddaughter wrote checks on the account to the school for tuition of $15,000 and living expenses of $20,000. What is the amount of the taxable gift for federal gift tax purposes?, ,a. 0.,b. $6,000. ,c. $21,000. ,d. $35,000. ,,2. Oliver gave his wife $5,250,000 worth of publicly traded stock in August 2014, outright. Oliver’s basis in the stock was $50,000. What is the amount of the taxable gift for federal gift tax purposes? (Oliver made no other gifts to anyone in 2014). , ,a. 0.,b. $87,000.,c. $100,000. ,d. $5,087,000. ,,3. If an election is available and is made to use alternate valuation for federal estate tax purposes, then if property X is sold within six months after the decedent’s death, property X is valued for federal estate tax purposes as of which date?,,a. The date of the decedent’s death.,b. The date that is six months after the decedent’s of death.,c. The date of sale of the property.,d. The date the property is distributed to the beneficiaries.,,,4. The trustee of a testamentary trust has distributable net income of $30,000 on December 31, 2014, the last day of the trust’s income tax year. On March 3, 2015 the trustee makes a distribution of all distributable net income on hand as of December 31, 2014 to the trust beneficiaries . The trustee,,a. may elect to have the distribution treated as though made on December 31, 2014 provided all requirements for the election are satisfied.,b. cannot elect to have the distribution treated as though made on December 31, 2014.,c. is limited to the lesser of distributable net income or trust accounting income to be deemed as distributed on December 31, 2014. ,d. cannot elect to have the distribution treated as though made on December 31, 2014 for the first income tax year of the trust.