Taxes - how are they computed?

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Tax Law - Gift Tax Law - General Gift Tax Law Questions
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How are the federal gift taxes computed?

The computation of the tax is fairly straightforward. From taxable gifts, you deduct the annual $12,000 exclusion, any 100% gifts to your spouse, and any gifts to a qualified charity. In all but a rare case, the net effect of these three eliminates Gift Tax consequences.
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