Question
Edgar adores his nephew Alec. Edgar made the following transfers during the year: Gifted a house to Alec with an adjusted basis of $30,000 and
Edgar adores his nephew Alec. Edgar made the following transfers during the year:
- Gifted a house to Alec with an adjusted basis of $30,000 and a fair market value of $100,000.
- Gifted 2,000 shares of Netflix stock to Alec with an adjusted basis of $100,000 and a fair market value of $300,000.
- Gifted a truck to Alec with a fair market value of $30,000.
- Deposited $50,000 in a newly opened bank account titled jointly with Alec (Alec has taken no withdrawals from the account).
What is the total value of Edgar's gifts - before deducting his annual exclusion -to Alec for this year?
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The Changing Geography Of Banking And Finance
Authors: Pietro Alessandrini ,Michele Fratianni ,Alberto Zazzaro
1st Edition
1441947205, 978-1441947208
