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safezone safezone
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7 years ago
Gloria makes the following gifts during the year:

   $15,000 cash to her son, Andy
   Stock with a basis of $10,000 and a $30,000 fair market value to her sister, Helen
   $100,000 to a revocable trust benefiting her nephew, George
   Land with a basis of $60,000 and a fair market value of $50,000 to the American Cancer Society

Before considering the unified credit, what are Gloria's taxable gifts?
A) $17,000
B) $45,000
C) $95,000
D) $121,000
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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That's not philosophy, it's geometry
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strwbrrystrwbrry
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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safezone Author
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7 years ago
Helped a lot
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You make an excellent tutor!
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I appreciate what you did here, answered it right Smiling Face with Open Mouth
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