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How much gift tax will be owed by lily and? tom

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Reference no: EM132390716

As the first gift from their? estate, Lily and Tom Phillips plan to give ?$19,530 to their? son, Raoul, for a down payment on a house.

a. How much gift tax will be owed by Lily and? Tom?

b. How much income tax will be owed by? Raoul?

c. List three advantages of making this gift.

Reference no: EM132390716

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