Joan, who is single, made the following gifts this year: 2000 shares of RCM...
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Finance
Joan, who is single, made the following gifts this year:
2000 shares of RCM stock with an adjusted basis of $126,000 and a FMV of $343,000 to her son.
An automobile with an adjusted basis of $15,000 and a FMV of $9,000 to her nephew.
$30,000 in cash to her daughter.
Joan made no other gifts during the year. What taxable gifts has she made this year?
Tom, who is single, gave a bond portfolio with an adjusted basis of $130,000 and a FMV of $140,000 to his daughter. This was his only gift to his daughter this year. What amount will be considered a taxable gift?
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