Your parents gave you $54,000 worth of Apple stock in 2008. In 2010, the shares...
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Finance
Your parents gave you $54,000 worth of Apple stock in 2008. In 2010, the shares are worth $59,000. (The gift tax annual exclusion is $12,000 for 2008 and $13,000 for 2010.)
a. What is the taxable amount for the gift tax in 2008? Taxable amount $: ________
b. By what amount was your parents estate value reduced after giving you this gift?
Value of estate reduction in 2008 $_____
Value of estate reduction in 2010 $ _______
c. What would the taxable amount of the gift tax be if your parents waited until 2010 to give you the Apple stock?
Taxable amount $______
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