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b. Emily deposits $ 50,000 cash into a checking account in the joint names of herself and Matt, who deposits nothing to the account. Later that year, Matt withdraws $ 15,000 from the account. – Gift of $15,000c. Emily pays $ 22,000 of nephew Noah’s medical expenses directly to County Hospital. – No giftd. Emily transfers the title to land valued at $ 60,000 to Olive. – Gift of 7. Refer to your responses in Problem 6 above and assume the current year is 2015. Emily’s prior year taxable gifts are as follows:Year Amount of Taxable Gifts1974 $500,0001998 $1,000,000What is Emily’s 2015 gift tax liability?
8. Determine the amount of the completed gift, if any, arising from each of the following occurrences.a. A parent sells real estate valued at $ 1.8 million to an adult child, who pays $ 1 million in consideration. – Gift of $800,000 bargain element
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Taxation in the United States,Gift tax in the United States,taxable gifts