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During the year, Mitchell, a single taxpayer, gave the following gifts: $10,000 cash to his nephew $20,000 tuition paid for his 24-year-old daughter, paid directly
During the year, Mitchell, a single taxpayer, gave the following gifts: $10,000 cash to his nephew $20,000 tuition paid for his 24-year-old daughter, paid directly to the State University $20,000 cash to his brother50 shares of stock to his niece valued at $200 a share. assume an annual gift exclusion of 17,000. in filing his annual gift tax return, what is the amount of his taxable gifts?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
