For estate planning purposes, Albert began distributing gifts in 2008. Already, in 2008, Albert has given his daughter stocks costing $5,000, with a current market value of $10,000.
Required:
What is the maximum additional gift Albert can give in 2008 to his daughter in cash without incurring any gift tax liability assuming that:
a.
Albert is single.
b.
Albert is married and his wife is willing to give the maximum amount the couple is allowed.

Question

Quizplus · Accepted Answer

The Answer of For estate planning purposes, Albert began distributing gifts in 2008. Already, in 2008, Albert has given his daughter stocks costing $5,000, with a current market value of $10,000.
Required:
What is the maximum additional gift Albert can give in 2008 to his daughter in cash without incurring any gift tax liability assuming that:
a.
Albert is single.
b.
Albert is married and his wife is willing to give the maximum amount the couple is allowed.

For Estate Planning Purposes, Albert Began Distributing Gifts in 2008