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Prepare your solution in a word document. Within the Case Gift Tax link above, you...

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Accounting

Prepare your solution in a word document. Within the Case Gift Tax link above, you can then copy and paste it to the write submission link or attach it. Lance has two adult children from a previous marriage. He has gifted them money for the past three years from his separate bank account and his wife has consented to split the gifts each year. Lance made gifts to his children as follows: 2016: Gifts of $60,000 to each child 2017: Gifts of $40,000 to each child 2018: Gifts of $50,000 to each child

Will there be a gift tax liability? Explain

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