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Vilka [71]
3 years ago
9

During the current year, Nancy, who is single, made the following gifts:

Business
1 answer:
Neporo4naja [7]3 years ago
7 0

Complete Question:

-Also made a $50,000 interest-free demand loan to her nephew James last year. The loan is still outstanding at the end of the current year. The applicable federal interest rate during the current year remained constant at 10%.

What is the amount of Nancy's taxable gifts in the current year?

Answer Choices:

A. $15,000

B. $11,000

C. $8,000

D. $9,000

Answer:

B. $11,000

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