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II. Your Client Bella Bames is thinking of giving annual gifts to her children. She has asked for your tax advice. Draft a one page

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II. Your Client Bella Bames is thinking of giving annual gifts to her children. She has asked for your tax advice. Draft a one page memo covering the basics of Gift and estate tax.Include the following points: The Gift and Estate tax function as one tax. Donors and estates are responsible for gift/estate taxes. The annual exclusion for 2020 The lifetime exclusion in 2020 The maximum Tax rate

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