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In the current year, Jim gives $170,000 of land to Jim, Jr. In the current year, Jim's wife gives $140,000 of land to Corey and
In the current year, Jim gives $170,000 of land to Jim, Jr. In the current year, Jim's wife gives $140,000 of land to Corey and $68,000 cash to Jim, Jr. Assume the couple elects gift splitting for the current year and the current year is 2018. Requirements
a. What are the couple's taxable gifts?
b. How would your answer to Part a change if Jim's wife gave the $68,000 of cash to Jerry (instead of to Jim, Jr.)?
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