Greetings,

The annual gift tax exclusion is $14,000. My Client gave a gift of $80,000 to his father. Since it is over the annual exclusion, a gift tax return should be filed. Will my Client have to pay the 40% gift tax on the $66,000 ($80,000-$14,000)? He is not even close to the lifetime max of $5.3 million. Can he credit the remaining...