Robert a single taxpayer made three gifts this year 8500, Ask an Expert

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Robert, a single taxpayer, made three gifts this year; $8,500 cash to his nephew; $80,000 cash to a qualified charitable organization; and land to his brother. Robert’s tax basis in the land was $370,000, and its fair market value was $430,000 on the date of the gift. Compute Robert’s taxable gifts for the year assuming the annual gift tax exclusion is $14,000 per donee.

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Category:- Financial Management
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