Answer and Explanation:
The computation is shown below:
As the price of the property is $546,000 which is purchased by don and his son
So individually they paid an amount of
= $546,000 ÷ 2
= $273,000
Now the amount paid by Don is $330,000
And, his son paid $216,000
As it can be seen that amount paid by don is more than the 50% of the property value so this represents that this is a taxable gift to his son
Now the gift in the don hands would be
= $330,000 - $216,000
= $114,000
The $15,000 would not be taxable
So, the taxable gift would be
= $114,000 - $15,000
= $99,000
