Note the inclusion of form 709s for gifts.
Reader comment on: Obama's Tax Return
Submitted by Lyle (United States), Apr 15, 2012 23:59
It appears that Barack and Michelle gave each daughter 12 from each parent, which is under the limit, but added a large number of pages as form 709 the gift tax. In addition you add the foreign income from the royalties and the tax credits involved. The tax return shows signs of being filled out by an obsessive CPA since its not clear that the 709 would have been required. The 709 shows no part of the lifetime exclusion being used up, and probably most folks would not have filed it.
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