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Single Father pays $50,000 for his daughter's wedding and gives the new couple a $10,000 cash wedding gift. Just before the wedding, Father gave daughter
Single Father pays $50,000 for his daughter's wedding and gives the new couple a $10,000 cash wedding gift. Just before the wedding, Father gave daughter her mother's sapphire and diamond engagement ring. Discuss the gift tax consequences of these gifts. Be sure to provide ways that this scenario can be crafted to maximize the annual exclusion and minimize gift tax consequences. Compute the gift tax on your suggested solution.
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