In the current year, Kent gives $42,000 cash to each of his eight grandchildren. His wife makes
Question:
a. What are Kent’s taxable gifts, assuming Kent and his wife do not elect gift splitting?
b. How would your answer to Part a change if the couple elects gift splitting?
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a 224000 8 x 42000 14000 taxable gifts b 5600...View the full answer
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Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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