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Mickey gives his wife, Liz, an $77,000 Ferrari as a birthday present. At the time of the gift, Liz is not yet a U.S. citizen.

Mickey gives his wife, Liz, an $77,000 Ferrari as a birthday present. At the time of the gift, Liz is not yet a U.S. citizen. Mickey can claim an annual exclusion of $16,000 and a marital deduction of $61,000, resulting in no gift tax liability.

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