The gift tax is supposed to tax the transfer of wealth from one taxpayer to another. However,

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The gift tax is supposed to tax the transfer of wealth from one taxpayer to another. However, the payment of gift tax on a transfer of property is relatively rare. Why is gift tax not paid on most gifts?

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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Question Posted: Mar 29, 2013 03:25 AM

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The gift tax is supposed to tax the transfer of wealth from one taxpayer to another. However,

Question:

Step by Step Answer:

Gift tax payments are rare due to the exclusions from the tax The basic exclusion is 1...View the full answer

Concepts In Federal Taxation

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