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Paula makes the following gifts in the current year: $ 20,000 to the United Way; $ 15,000 to her brother

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Paula makes the following gifts in the current year: $ 20,000 to the United Way; $ 15,000 to her brother Skip, who is a compulsive gambler; $ 45,000 to her husband Larry, to fund a new boat; and $ 32,000 to a UTMA account for her son Philip. To what extent will these be taxable gifts? That is, to what extent do they exceed the annual exclusion and begin to offset the unified credit?

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19 000 using 2013 exclusion amounts The gifts to the U…View the full answer


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Taxes And Business Strategy A Planning Approach

Taxes And Business Strategy A Planning Approach

ISBN: 9780132752671

5th Edition

Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon

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Question Posted: August 06, 2015 02:46:03
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