Answer: $54000
Explanation:
A gift is a proceed gotten from a generosity. It should be noted that gift up to the amount of $14000 is exempt from the gift tax.
Therefore, since the ring is a family heirloom valued at $68,000, we deduct $14000 from it to get the amount of the taxable gift which will be:
= $68000 - $14000
= $54000
