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As the first gift from their estate, Lily and Tom Phillips plan to give $24,290 to their son, Raoul, for a down payment on a
As the first gift from their estate, Lily and Tom Phillips plan to give $24,290 to their son, Raoul, for a down payment on a house. a. How much gift tax will be owed by Lily and Tom? b. How much income tax will be owed by Raoul? c. List three advantages of making this gift
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