In earlier years, neither Hugo nor Wanda, his wife, made any taxable gifts. In 2021, Hugo gave
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In earlier years, neither Hugo nor Wanda, his wife, made any taxable gifts. In 2021, Hugo gave $15,000 cash to each of his nieces, nephews, and grandchildren, 30 individuals in total. In 2022, Wanda gives $40,000 of stock to each of the same people. What is the minimum legal gift tax liability before reduction for the unified credit for each spouse for each year?
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Related Book For
Pearsons Federal Taxation 2023 Comprehensive
ISBN: 9780137840656
36th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse
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