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