Homework Answers
The David's taxable is calculated and explained below:
A) Taxable gift to Steve is calculated below:
Taxable gift to Steve = $65,000 - $13,000
=$52.000
$13,000 is deducted from $65,000 because this amount is 2010 annual exclusion amount is available.
B) Taxable gift to Lil is calculated below:
Taxable gift to Lil = $15,000 - $0
=$15.000
No amount is deducted from the $15,000 because there is no annual exclusion amount is available.
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