Question
Determine whether there is a taxable gift in the following situation by using the 2020 gift tax exclusion, and if so the amount of the
Determine whether there is a taxable gift in the following situation by using the 2020 gift tax exclusion, and if so the amount of the taxable gift and amount, if applicable 11. Scott created a joint bank account for himself and his brother and placed $35,000 in the account.
12. Scott's brother withdrew $20,000 from the above noted account.
13. Scott gave his wife $100,000 so she could buy some investments. 14. Scott gave $10,000 to Mercy Hospital to pay for his sister's medical cost. 15. Scott sold to his adult son, $50,000 worth of property for $10,000.
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