In 2020, Henry and his wife, Wendy, made the gifts shown below. All gifts are of present
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In 2020, Henry and his wife, Wendy, made the gifts shown below. All gifts are of present interests. What is Wendy’s gift tax payable for 2020 if the couple elects gift splitting and Wendy’s previous taxable gifts (made in 1995) total $1 million?
Wendy’s current gifts were
to Janet . . . . . . . . . . . . . . . . . . . . . . . . .$80,000
to Cindy . . . . . . . . . . . . . . . . . . . . . . . . 70,000
to Henry . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Henry’s current gifts were
to Janet . . . . . . . . . . . . . . . . . . . . . . . . . 30,000
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Related Book For
Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
ISBN: 9780135919460
34th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
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