Question
Taxpayer and spouse make the following gifts during the year. Calculate the total taxable gift to taxpayer and spouse. Assume that no portion of the
Taxpayer and spouse make the following gifts during the year. Calculate the total taxable gift to taxpayer and spouse. Assume that no portion of the lifetime exclusion amount is used.
a.Cash of $100,000 to three different individuals
b.Creation of a trust for their minor grandchildren with $30,000 of assets; taxpayer and spouse retain control of the trust.
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Management Accounting For Business Decisions
Authors: Colin Drury
2nd Edition
1861527705, 978-1861527707
