Question

In 2014, joshua gave $14,000 worth of microsoft stock to his son. in 2015, the microsoft shares are worth $23,000. what was the gift tax in 2014?

Answer 1

The tax collected on money on property valued more than $14,000. Since the gift was $14,000, there was no tax collected on the gift amount given. Had the gift been more than $14,000 there would be a tax collected on the money.