For estate planning purposes, Albert began distributing gifts in 20X9. Already, in 20X9, 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 20X9 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

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The Answer of For estate planning purposes, Albert began distributing gifts in 20X9. Already, in 20X9, 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 20X9 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 20X9