Amount of the taxable gifts, Accounting Basics

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Amount of the taxable gifts

This year Samantha gave each of her three nephews birthday gifts of $10,000 in cash. At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $5,000 in cash. What is the amount of the taxable gifts, if any, made by Samantha this year?

A. $6,000

B. $45,000

C. Zero – None of the gifts exceed the annual exclusion.

D. $32,000

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Accounting Basics: Amount of the taxable gifts

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Accounting Basics: Amount of the taxable gifts

Reference No:- TGS059723

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: Amount of the taxable gifts

Reference No:- TGS059723

Recent Questions Asked Accounting Basics

Q : Characteristics are common to both the estate and gift taxes

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Q : Instructions on the writing process for future com

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