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Larry Trust and the John Trust, 45.6 shares of Sathers stock
valued at $9,997 per gift.
Diane transferred: (1) To each of her three children into
the Duane Trust, 45.6 shares of Sathers stock valued at $9,997
per gift, and (2) to each of her six nieces and nephews into the
Larry Trust and the John Trust, 45.6 shares of Sathers stock
valued at $9,997 per gift.
Larry, Kathy, John, Sandra, Duane, and Diane each filed a
separate gift tax return for 1992 reporting the transfers as
gifts. Each of the donors claimed nine $10,000 exclusions under
section 2503(b), and each of the men claimed application of the
unified credit under section 2010 for the excess amount over the
allowable exclusion. None of them reported any gift tax due for
1992. The total value of transfers from each married couple to
their nieces and nephews and the total value of property received
by each niece and nephew from his or her aunts and uncles are
summarized as follows:
Reported Value of Reported Value of
Stock Transferred to Stock Received from
Transferors Nieces and Nephews Transferees Aunts and Uncles
Larry and Kathy $119,964 Nephew $39,988
Nephew 39,988
Nephew 39,988
119,964
John and Sandra 119,964 Niece 39,988
Niece 39,988
Nephew 39,988
119,964
Duane and Diane 119,964 Niece 39,988
Nephew 39,988
Nephew 39,988
119,964
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Last modified: May 25, 2011