Evelyn gave a Fly more sailplane to her husband who is an enthusiast oft his sport for

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Evelyn gave a Fly more sailplane to her husband who is an enthusiast oft his sport for their wedding anniversary. Purchase cost was $37,000. She used her own funds from a separate checking account.

a. What is the value oft he gift?

b. Does the gift have to be reported?

c. What is the limit on a gift between spouses?

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 27, 2024 03:05 AM

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Evelyn gave a Fly more sailplane to her husband who is an enthusiast oft his sport for

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ANSWER a The value of the gift would be the fair market value FMV of the F...View the full answer

CCH Federal Taxation Basic Principles 2020

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