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Is there a completed gift in the following example? Explain. a) Ron Donovan paid...

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Accounting

Is there a completed gift in the following example? Explain.

a) Ron Donovan paid $39,000 for a new car and gave the car (transferred title and keys) to his 16 year old son

b) The father established a joint account for himself and Arlo, his son. Under the account, either can withdraw the funds.

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