Question 23 Oscar bought his granddaughter, Chloe. a condo in the town where she

Question

Question 23 Oscar bought his granddaughter, Chloe. a condo in the town where she is attending medical school. The condo cost $400,000. He also bought Chloe furniture for the condo and a new car to drive to school. These expenses cost an additional $100000. Finally, Oscar paid Chloe?s $60,000 tuition to Duke this year. Which statement is not correct? a. The gift tax and the GST tax for these taxable gifts are offset by Oscar?s unified credit. b. Oscar can reduce the value of the taxable gifts he made this year by an annual exclusion of $14,000. C. Oscar can reduce the GST tax by an annual exclusion of $14,000. d The payment of tuition to Duke Is an exempt gift that is not subject to gift tax or GST tax.

Explanation / Answer

option D is not correct

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