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What alex may subtract an annual exclusion amount of

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Problem 1: During Year 4, Alex, a single taxpayer, gave cash of $7,200 to Campbell, $15,000 to Jackie, and $34,000 to Robin. Assume a $15,000 annual exclusion amount. In calculating taxable gifts for the Year 4 gift tax return, Alex may subtract an annual exclusion amount of:

A. $56,200

B. $45,000

C. $37,200

D. $0

Reference no: EM132835286

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