In earlier years, neither Hugo nor Wanda, his wife, made any taxable gifts. In 2019, Hugo gave

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In earlier years, neither Hugo nor Wanda, his wife, made any taxable gifts. In 2019, Hugo gave $15,000 cash to each of his nieces, nephews, and grandchildren, 30 individuals in total. In 2020, Wanda gives $40,000 of stock to each of the same people. What is the minimum legal gift tax liability before reduction for the unified credit for each spouse for each year?

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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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