4 Harry divorced Nancy during the year. He incurred legal expense which were itemized by his attorney: Fees related to property division $500, Fees related to the determination of dependency exemption $150, and general legal fees associated with the divorce $900. Harry only wants to deduct what he is entitled to ethically. How much should he deduct? $0 $150 $650 $1,550 QUESTION 5 Hollis and Arlene are married and live in a common law state. Hollis wants to make gifts to their five children. Gift tax has all of the following characteristics except: O Only taxable gifts are subject to gift tax. The gift tax applies to transfers made during the owner's life and after their death. There is an annual exclusion. O The gift tax rate schedule is the same as the applicable estate tax