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Vincent makes the following gifts during 2018: $15,000 cash gift to wife. GIft of automobile valued at $35,000 to his adult son. Gift of golf
Vincent makes the following gifts during 2018: $15,000 cash gift to wife. GIft of automobile valued at $35,000 to his adult son. Gift of golf clubs valued at $5,000 to a friend. $10,000 contribution to church. Although he is married non of the gifts are considered joint gifts with his wife. What are the total taxable gifts subject to the unified transfer tax and why?
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