George and Martha are married, and both have children from prior marriages. George gives each of his

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George and Martha are married, and both have children from prior marriages.

George gives each of his children $28,000.

a. What are the gift tax consequences if Martha agrees to split these gifts?

b. What must George and Martha do to elect to split these gifts?

c. What result if Martha also made gifts of $14,000 to each of George’s

children?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Dec 21, 2022 01:47 AM

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George and Martha are married, and both have children from prior marriages. George gives each of his

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Step 12 First of all What Is Gift Tax A gift tax is that tax which is charged when one person gifts ... View the full answer

Income Tax Fundamentals 2013

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