In February 2020, Sally opened a joint bank account in the name of her sister Sue and
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Sue and herself. When she opened the account, Sally deposited $150,000. In March
2021, Sue withdrew $40,000 from the joint account. Sue used these funds to pay for her
medical school expenses, including tuition, room and board and books. Since then, no
other withdrawals have been made from the account. Discuss the gift tax consequences of the inter vivos transfers as it relates to Sally.
Related Book For
Business Law Today The Essentials
ISBN: 978-0324786156
9th Edition
Authors: Roger LeRoy Miller, Gaylord A. Jentz
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