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Find what are the gift tax consequences

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On April 15, 2013, Arthur promises to pay Nancy, his niece, $50,000 if Nancy refrains from smoking for two years. Nancy agrees to do so, and she keeps her promise. Arthur sends Nancy the check for $50,000 on May 1, 2015.

Problem a. What are the gift tax consequences?

Reference no: EM132730015

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