C. this year casey made a gift worth $16.8 million to stephanie. casey is married to helen in a common-law state, and the 2010 gift was the only other taxable gift he or helen has ever made. casey and helen elect to gift-split

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06-04-2022
Business

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C. this year casey made a gift worth $16.8 million to stephanie. casey is married to helen in a common-law state, and the 2010 gift was the only other taxable gift he or helen has ever made. casey and helen elect to gift-split

Sagot :

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jayilych4real jayilych4real · Answer 1 · 2022-04-08T07:17:51-04:00

Casey and Helen both give and receive gifts that can be taxed, so according to their common-law state, they would have to find out which of the gifts are taxable.

What is Gift Tax?

This refers to the federal tax which is levied on a taxpayer who makes a gift of either money or property to someone and is between 18-40%.

Hence, it can be noted that gift taxes are made on any valuable property which is given to another person, regardless of whether the person considers it as a gift.

Please note that your question is incomplete so I gave you a general overview to help you get a better understanding of the concept.

Sagot :

What is Gift Tax?

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