This year Samantha gave each of her three nephews birthday gifts of $11,200 in cash. At Christmas,
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Question:
This year Samantha gave each of her three nephews birthday gifts of $11,200 in cash. At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $6,480 in cash. What is the amount of the taxable gifts, if any, made by Samantha this year?
a. 8,040
b. 31,800
c. 53,040
d. Zero- none of the gifts exceed the annual exclusion
e. None of the choices are correct
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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