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Gloria makes the following gifts during the year: $15,000 cash to her son, Andy Stock with a basis of $10,000 and a $30,000 fair market
Gloria makes the following gifts during the year:
$15,000 cash to her son, Andy Stock with a basis of $10,000 and a $30,000 fair market value to her sister, Helen $100,000 to a revocable trust benefiting her nephew, George Land with a basis of $60,000 and a fair market value of $50,000 to the American Cancer Society
Before considering the unified credit, what are Gloria's taxable gifts?
A. $95,000
B. $121,000
C. $17,000
D. $45,000
$15,000 cash to her son, Andy Stock with a basis of $10,000 and a $30,000 fair market value to her sister, Helen $100,000 to a revocable trust benefiting her nephew, George Land with a basis of $60,000 and a fair market value of $50,000 to the American Cancer Society
Before considering the unified credit, what are Gloria's taxable gifts?
A. $95,000
B. $121,000
C. $17,000
D. $45,000
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Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
