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Compute nick and his spouse total taxable

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Nick, married filing jointly, made three gifts this year: $50,000 cash to his niece; $20,000 cash to Harvard University on behalf of his nephew for tuition, and 5,000 acres of land to his brother. Nick's tax basis in the land was $600,000, and its fair market value of date of gift was $400,000. Assuming gift-splitting is elected, compute Nick's and his spouse's total taxable gifts for the current year.

Reference no: EM133228066

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