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To Make the Election to Split Gifts, Spouses Must File

question 58

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To make the election to split gifts, spouses must file a Form 709 (Federal gift tax return).


Definitions:

Financial Market Panic

A widespread and abrupt drop in investor confidence that leads to a sharp sell-off in stock, bond, or other financial markets.

US Depositors

Refers to individuals or entities that deposit money in banks or financial institutions within the United States.

Chinese Yuan

The official currency of the People's Republic of China, used as the medium of exchange for goods and services within the country.

Currency Devaluation

The reduction of a currency's value in relation to foreign currencies, deliberately enacted by a country's government or monetary authority.

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