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During the current year, Diane Stevens made two gifts to her son Greg. The first gift was ABC stock with

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During the current year, Diane Stevens made two gifts to her son Greg. The first gift was ABC stock with a value at the date of the gift of $5,000. Diane?s basis in ABC was $2,000. The second gift, in the same year, was XYZ stock with a value of $3,000 at the date of the gift and a basis to Diane of $4,000. For gift tax purposes, what is the value of the gifts made by Diane to Greg?

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Value of ABC Stock Value of XYZ Stock $4,000 a. $5,000 $5,000 b. $3,000 C. $3,000 $0 $0 d. $2,000

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South-Western Federal Taxation 2020 Comprehensive

South-Western Federal Taxation 2020 Comprehensive

ISBN: 9780357109144

43rd Edition

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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Question Details
Chapter # 27- The Federal Gift and Estate Taxes
Section: Becker CPA Review Questions
Problem: 4
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Question Posted: September 19, 2019 13:21:00
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