C. this year casey made a gift worth $16.8 million to stephanie. casey is married to helen in a common-law state, and the 2010 g

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kkurt [141]

2 years ago

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C. this year casey made a gift worth $16.8 million to stephanie. casey is married to helen in a common-law state, and the 2010 g

ift was the only other taxable gift he or helen has ever made. casey and helen elect to gift-split

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1 answer:

Dmitry_Shevchenko [17] · Answer 1 · 2023-07-06T04:41:52+03:00

Casey and Helen both give and receive gifts that can be taxed, so according to their common-law state, they would have to find out which of the gifts are taxable.

This refers to the federal tax which is levied on a taxpayer who makes a gift of either money or property to someone and is between 18-40%.

Hence, it can be noted that gift taxes are made on any valuable property which is given to another person, regardless of whether the person considers it as a gift.

Please note that your question is incomplete so I gave you a general overview to help you get a better understanding of the concept.