Which of the following is an example of a taxable gift for federal gift tax purposes?

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.

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Answer: D