Charles makes a taxable gift in 2008.In determining the tax liability on this gift,he must add all prior taxable gifts.However,Charles may claim a credit for the taxes actually paid on the prior gifts.

Name: Charles makes a taxable gift in 2008.In determining the tax liability on this gift,he must add all prior taxable gifts.However,Charles may claim a credit for the taxes actually paid on the prior gifts.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

It is the deemed paid taxes that are allowed.

Charles Makes a Taxable Gift in 2008