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A client advises you that her aunt gave her twenty lottery t

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A client advises you that her aunt gave her twenty lottery tickets as a holiday gift. One of the lottery tickets was a winner in the $50,000 game. Your client wants to know if the lottery winnings are exempted from federal income tax as the lottery ticket was given as a gift. What is the response to the client?

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Solution Summary

The solution discusses twenty lottery ticket winnings.

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The gift was the twenty lottery tickets. The aunt did not give her the winnings as a gift. The winnings are absolutely, positively taxable under federal ...

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