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What tax goals are they trying to accomplish

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Reference no: EM132650799

Problem - Joe (age 86) and Nicole (age 22) are married. Two days later, they exchange wedding gifts. Joe's gift to Nicole is stock in IBM (valued at $2 million), and Nicole's gift to Joe is a bottle of cologne (value of $32). What tax goals are they trying to accomplish? Will their plan work?

Reference no: EM132650799

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