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For the holidays, Marty gave a watch worth $22,300 to Emily and jewelry worth $46,000 to Natalie. Required:   Has Marty made any taxable gifts this year and, if so, in what amounts? Assume Marty is married to Wendy and they live in a community-property state. What are the amounts, if any, of their taxable gifts? (For all requirements, leave no answer blank. Enter zero if applicable.)   a.Marty's taxable gift to Emily$ Marty's taxable gift to Natalie$ b.Marty's taxable gift to Emily$0 Marty's taxable gift to Natalie$ Wendy's taxable gift to Emily$0 Wendy's taxable gift to Natalie$

For the holidays, Marty gave a watch worth $22,300 to Emily and jewelry worth $46,000 to Natalie. Required:   Has Marty made any taxable gifts this year and, if so, in what amounts? Assume Marty is married to Wendy and they live in a community-property state. What are the amounts, if any, of their taxable gifts? (For all requirements, leave no answer blank. Enter zero if applicable.)   a.Marty's taxable gift to Emily$ Marty's taxable gift to Natalie$ b.Marty's taxable gift to Emily$0 Marty's taxable gift to Natalie$ Wendy's taxable gift to Emily$0 Wendy's taxable gift to Natalie$

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For the holidays, Marty gave a watch worth $22,300 to Emily and jewelry worth $46,000 to Natalie.

Required:

 

  1. Has Marty made any taxable gifts this year and, if so, in what amounts?
  2. Assume Marty is married to Wendy and they live in a community-property state. What are the amounts, if any, of their taxable gifts?

(For all requirements, leave no answer blank. Enter zero if applicable.)

 

a.Marty's taxable gift to Emily$
Marty's taxable gift to Natalie$
b.Marty's taxable gift to Emily$0
Marty's taxable gift to Natalie$
Wendy's taxable gift to Emily$0
Wendy's taxable gift to Natalie$

 

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