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Amber's mother and father gave her a condo on 7/4/2020. Her parents purchased the condo on 9/13/2002 for $158,759. The fair market value of the
Amber's mother and father gave her a condo on 7/4/2020. Her parents purchased the condo on 9/13/2002 for $158,759. The fair market value of the house at the time of the gift was $265,000. Amber's parents made improvements to the condo of $65,000. What is the amount of the gift that can be excluded from gift tax?
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South-Western Federal Taxation 2020 Comprehensive
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
43rd Edition
357109147, 978-0357109144
