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Which of the following transactions would most likely be characterized as a taxable gift (without considering the annual exclusion)? Bob sells his car to Florence
Which of the following transactions would most likely be characterized as a taxable gift (without considering the annual exclusion)?
Bob sells his car to Florence for $2,000 the current blue book value.
Bob sells his car to his son Bert for $500; although the blue book value is $2,000.
Bob pays his son Bert's $15,000 tuition at Quality State University.
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