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b. A furniture store holds a clearance sale and sells a customer a $ 5,000
living room suite for $ 1,500. – No Gift c. During the year, a father purchases food and clothing costing $ 8,500
for his minor child. – No gift. This is support of a minor child.d. A citizen contributes $ 1,500 cash to a political organization. – No e. Zeke lends $ 600,000 interest free to Henry, who signs a demand note
on August 1. Assume 6% is the applicable interest rate and the note remains unpaid at year- end. – Gift of $15,000 (600k*.06*5/12)9. In 1980, Sheila made a taxable gift of $200,000. In 2015, Sheila made her second taxable gift, totaling $6.5 Million. What amount of unified credit can Sheila claim on her 2015 gift tax return?10. On March 1, 2015, Bruce irrevocably transfers ownership of a
whole life insurance policy on his life to his son, Marcus. The policy has a face value of $100,000 and an interpolated terminal reserve value
of $30,000. Bruce had paid the annual premium of $1,200 for the policyon February 1, 2015. What is the value of the gift for gift tax purposes?