Q16. Car Dealer sells Customer a carlisted at $35,000 for $23,000.a. Has Car Dealer made a gift? Ifso, what is the amount of the gift?b. What are the gift taxconsequences if Car Dealer isCustomer's parent?

If one person gives a gift to another person for an amount exceeding a certain limit such person is…

Answered: Car Dealer sells Customer a car listed…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 9DQ

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Car Dealer sells Customer a car listed at $35,000 for $23,000. a. Has Car Dealer made a gift? If so, what is the amount of the gift? b. What are the gift tax consequences if Car Dealer is Customer's parent?