In 2007, David Berry put $1.5 million into trust for his two children, and he...
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Accounting
In 2007, David Berry put $1.5 million into trust for his two children, and he bought a vacation home valued at $240,000 that he put in joint names with his two children. They own the vacation home in equal shares as tenants in common. David and his wife have agreed to split the gifts. Assuming no prior gifts were made, what is the amount of Davids gift tax liability? (What is the amount of gift tax he will actually pay?)
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