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Alice transfers shares of stock in XYZ, Inc. (fair market value $14,000) to her nephew, Michael. a. What are the gift tax consequences? b. What

Alice transfers shares of stock in XYZ, Inc. (fair market value $14,000) to her nephew, Michael. a. What are the gift tax consequences? b. What if XYZ, Inc. is a closely held family business that has never paid dividends? c. What if Alice transfers a limited partnership interest to Michael rather than shares of stock?

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