During the current year, Madeline gives each of her three grandchildren, Mary, Mike and Molly, cash in
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During the current year, Madeline gives each of her three grandchildren, Mary, Mike and Molly, cash in the amount of $13,000. In addition, Madeline pays college tuition of $20,000 for Mary and private high school tuition of $10,000 for Mike, directly to their respective schools. Madeline also pays $8,000 in medical bills for Molly to the hospital where she received care. What are the gift tax implications for Madeline given these facts?
Related Book For
Taxation For Decision Makers 2014
ISBN: 9781118654545
6th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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