Question
George and Martha are married, and both have children from prior marriages. George gives each of his children $28,000. a. What are the gift tax
George and Martha are married, and both have children from prior marriages.
George gives each of his children $28,000.
a. What are the gift tax consequences if Martha agrees to split these gifts?
b. What must George and Martha do to elect to split these gifts?
c. What result if Martha also made gifts of $14,000 to each of George’s
children?
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Step 12 First of all What Is Gift Tax A gift tax is that tax which is charged when one person gifts ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
