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Business, 17.06.2020 18:57 tdbstonefamliy

Melissa is a very generous single woman. Before this year, she had given over $11,400,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. In the current year, Melissa gave her daughter Riley $100,000 and promptly filed her gift tax return. Melissa did not make any other gifts this year. How much gift tax must Riley pay the IRS because of this transaction?

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Melissa is a very generous single woman. Before this year, she had given over $11,400,000 in taxable...
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