In 2015 and with $200,000, Alice purchases a CD at State Bank listing title as follows: Alice,
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In 2015 and with $200,000, Alice purchases a CD at State Bank listing title as follows: “Alice, payable on proof of death to Clark.” Alice dies in 2022, and Clark (Alice’s nephew) redeems the CD (now worth $205,000). Disregarding the annual exclusion, what is Alice’s gift to Clark in:
a. 2015?
b. 2022?
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Related Book For
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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