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John and Janet Smith (husband and wife) purchased 1,000 shares of ABC Company common stock (NYSE) for $52,000 and immediately had it titled in the

John and Janet Smith (husband and wife) purchased 1,000 shares of ABC Company common stock (NYSE) for $52,000 and immediately had it titled in the names of "Hugh and Donna Smith as joint tenants with rights of survivorship" (son and daughter-in-law). Assume gift-splitting between John and Janet. What amount is reported and subject to gift tax?

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