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Recognition of Transactions Treated as Gifts. In the current year, Emily, a widow, engages in the followings transactions. Determine the amount of the completed gift, if any, arising from each of the following occurrences. a. Emily names Lauren the beneficiary of a $100,000 life insurance policy on Emily's life. b. Emily deposits $50,000 cash into a checking account in the joint names on herself and Matt, who deposits nothing to the account. Later that year, Matt withdraws $15,000 from the account. c. Emily pays $22,000 of nephew Noah's medical expenses directly to County Hospital. d. Emily transfers the title to land valued at $60,000 to Olive.

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Accounting Basics, Accounting

Category:- Accounting Basics
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