C is corrent. In computing a donor’s gift tax, the first $14,000 ($13,000 for 2012) of gifts of a present interest made to a donee during a calendar year is excluded in determining the amount of the donor’s taxable gifts. Thus, $14,000 of the $16,000 given to Jones, $14,000 of the $15,000 given to Craig, and all $5,000 given to Kande can be excluded, resulting in a total exclusion of $33,000.
A is incorrect. The annual exclusion is $14,000 per donee for 2013.
A is incorrect. The annual exclusion is $14,000 per donee for 2013.
D is incorrect. The annual exclusion is $14,000 per donee for 2013.
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