Determine the amount of completed gift if any from the following occurrences: A parent sells...
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Accounting
Determine the amount of completed gift if any from the following occurrences:
A parent sells real estate valued at $1.5million to an adult child who pays $900,000 in consideration
A furniture store holds a clearance sale and sells a customer a $6,000 dining room set for $2,000
During the year, a father purchases food and clothing $8,000 for his minor child.
A wealthy person contributes $1,500 to a political organization
Jeremy lends $500,000 interest free to his brother Jacob who signs a demand note. The applicable interest rate is 6% and the note remains unpaid at year-end.
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