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How much gift tax will be owed by Lily and Tom

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Reference no: EM132927237

Question - As the first gift from their estate, Lily and Tom Phillips plan to give $15,290 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: EM132927237

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