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Gift tax may appear to be an intimidating topic, but understanding its mechanics can help individuals navigate their financial obligations more effectively. As someone who has studied taxation intricacies, I can attest to how the regulations surrounding gift tax can significantly impact estate planning and wealth transfers. In this article, I will delve into the components of gift tax calculation, the exemptions, and practical insights that can guide you through the process. Understanding Gift Tax The gift tax is a federal tax applied to the transfer of pro
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