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During the Current Year, Doris Received a Large Gift from Her

Question 152

Essay

During the current year, Doris received a large gift from her parents and a sizeable inheritance from an uncle. She also paid premiums on an insurance policy on her life. Doris is confused because she cannot find any place on Form
1040 to report these items. Explain.

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Gifts and inheritances are exclusions fr...

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