Which of the following statements is true concerning the maximum gift that can be given within a year without incurring any gift tax or using any of the unified credit?
A) A single individual is limited to gifts of $12,000 in cash or property with a fair market value of $24,000 to an individual.
B) Consenting spouses can give each other a maximum of $24,000.
C) Consenting spouses together can give an individual $24,000.
D) A single individual is limited to a gift of $12,000 to a qualified charity.
Correct Answer:
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