In earlier years, neither Hugo nor Wanda, his wife, made any taxable gifts. In 2016, Hugo gave
Question:
In earlier years, neither Hugo nor Wanda, his wife, made any taxable gifts. In 2016, Hugo gave $14,000 cash to each of his nieces, nephews, and grandchildren, 30 persons in total. In 2017, Wanda gives $34,000 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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The gift tax liability is zero for 2016 and 21000 each before reduction by the unified credit f...View the full answer
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Related Book For 
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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