Before last year, neither Hugo nor Wanda, his wife, made any taxable gifts. In 2013, Hugo gave
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Before last year, neither Hugo nor Wanda, his wife, made any taxable gifts. In 2013, Hugo gave $14,000 cash to each of his 30 nieces, nephews, and grandchildren. In 2014, Wanda gives $34,000 of stock to each of the same people. What is the minimum legal gift tax liability (before reduction for the unified credit) for each spouse for each year?
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The gift tax liability is zero for 2013 and 21000 each before reduction by the ...View the full answer
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Related Book For
Federal Taxation 2015 Comprehensive
ISBN: 9780133807783
28th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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