Franklin sends his son Charles to the finest private school in town. Tuition costs $20,000...
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Franklin sends his son Charles to the finest private school in town. Tuition costs $20,000 per year. When Charles turned 16, Franklin purchased a new car for him (titled in Charles's name) costing $30,000. During the summer, Franklin allows Charles to stay at his summer cottage on the Maine coast with Charles's older sister, Ann, who is 25. What are the gift tax consequences, if any, of these events?
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