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Regarding Gift Tax B. Parent gives the rent-free use of the family beach house to adult child. What are the gift tax consequences if: a.

image text in transcribedRegarding Gift Tax

B. Parent gives the rent-free use of the family beach house to adult child. What are the gift tax consequences if: a. Child personally uses the beach house? B. Child rents the beach house to a tenant? Would your answers depend on whether parent regularly rented the property or used it for personal use? Besides the requirement that the donor transfer property, gift taxation requires a donor to make a voluntary transfer. While this requirement may easily be satisfied, sometimes it is not

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