Cathy, who is single, makes gifts of $50,000 to each of her two adult children. a. Who

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Cathy, who is single, makes gifts of $50,000 to each of her two adult children.
a. Who is primarily liable for the gift tax on the two gifts, Cathy or the two children?
b. If Cathy has never made a taxable gift in prior years, is a gift tax due on the two gifts?
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Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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