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1. Which of the following is an example of a taxable gift for federal gift tax purposes?
A. A father gives his 19-year-old daughter a note promising to give her his Rolls Royce when she reaches the age of 21.
B. Instead of parents paying an outside executive $60,000, a son runs their business for 8 months without charging a fee.
C. The parents of a married son permit their son and his family to use a summer cottage that rents for $3,000 per month on a rent-free basis.
D. A father cancels a $50,000 note his daughter gave him when he made a loan to her 2 years ago.
Answer: D
2.The following are facts concerning a decedent’s estate:
An executor elects to value the assets of the estate at the alternative valuation date 6 months after death. Which of the following statements concerning the estate tax value of assets included in this estate is correct?
Taxable estate  $1,700,000
Pre-1977 taxable gifts  200,000
Post-1976 adjusted taxable gifts   50,000
Post-1976 gifts made to a qualified
charity100,000
The tentative tax base of this estate is
A. $1,700,000Â
B. $1,750,000Â
C. $1,850,000Â
D. $1,900,000