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Because he undervalued property that he transferred by gift, Dan owes additional gift taxes of $4,000. The penalty for undervaluation does not apply in this situation, because the tax understatement was too small.
Windows Tool
General term for software or utility programs included within the Microsoft Windows operating system designed to perform specific tasks or functions to maintain, optimize, or extend system capabilities.
BIOS/UEFI Option
Settings within the Basic Input/Output System (BIOS) or Unified Extensible Firmware Interface (UEFI) that allow users to configure and optimize their system’s hardware and boot sequence.
Virtualization Software
Software technology that allows the creation and management of virtual instances of physical hardware, operating systems, storage devices, or network resources.
Hardware Capabilities
The physical and functional features that a piece of hardware supports, determining the tasks it can perform.
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