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Ms. Smart, a single taxpayer, made three gifts in 2023 when the annual exclusion is...

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Accounting

Ms. Smart, a single taxpayer, made three gifts in 2023 when the annual exclusion is $17,000: $6,300 cash to her niece; $50,000 cash contribution directly to Yale University; and 5,000 acres of land to her brother. Ms. Smart's tax basis in the land was $400,000, and its fair market value on the date of the gift was $617,000. Compute Ms. Smart's taxable gifts for 2023. A. $383,000 B. $600,000 C. $593,300 D. $633,000

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