Ginny made the following gifts during 2019. Her husband, Ken, made no gifts during the year.

Question:

• Gift of land valued at $250,000 to her husband

• Gift of $20,000 in stock to her daughter

• Gift of $32,000 to her sister to pay for medical expenses

a. How much are Ginny’s taxable gifts if gift splitting is not elected?

b. How much are Ginny’s taxable gifts if gift splitting is elected?

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Taxation For Decision Makers 2020

ISBN: 9781119562108

10th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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Question Posted: May 12, 2023 09:08 AM

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Ginny made the following gifts during 2019. Her husband, Ken, made no gifts during the year.

Question:

Step by Step Answer:

a If gift splitting is not elected Ginnys taxable gifts would be calculated as follows The gift of l...View the full answer

Taxation For Decision Makers 2020

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