Solved: Calculate the amount of gift tax due if any on the 2008, Accounting Basics

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Calculate the amount of gift tax due if any on the 2008

Question - In 2008, Chris made the following gifts to:

Sue $33,000 Cash

Emily $22,200 Car

Calculate the amount of gift tax due (if any) on the 2008 gift, given Chris has made only one prior taxable gift of $1.5 million in 2005, at which he used the applicable unified credit. Please note the annual exclusion in 2008 was $12,000.

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Accounting Basics: Calculate the amount of gift tax due if any on the 2008

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Accounting Basics: Calculate the amount of gift tax due if any on the 2008

Reference No:- TGS02636060

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