Kenny Is Thinking of Making a Substantial Gift of Stock

question 62

Essay

Kenny is thinking of making a substantial gift of stock to his fiancée, Maria. The wedding is scheduled for October 1 of the current year. Kenny already has exhausted his unified credit. He also is considering giving $26,000 cash this year to each of his three children by a previous marriage. What tax issues should Kenny consider with respect to the gifts he plans to make to Maria and his three children?

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Definitions:

Monoamine Oxidase Inhibitors

A class of medications used to treat depression by inhibiting the enzyme that breaks down monoamine neurotransmitters, enhancing mood.

Neuroleptics

A class of medication primarily used to manage psychosis, particularly in schizophrenia and bipolar disorder.

Tricyclic Antidepressants

A class of medications used primarily to treat depression, characterized by their three-ring chemical structure.

Master's Or PhD Degree

Advanced academic degrees granted by universities upon completion of specialized study beyond a bachelor's degree.