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A husband and wife agree to split monetary gifts to their relatives. The husband gives his daughter $20,500, and the wife gives her niece $17,000.

A husband and wife agree to split monetary gifts to their relatives. The husband gives his daughter $20,500, and the wife gives her niece $17,000. The annual exclusion is $12,000. What amount is the taxable gift for the husband and wife? $37,500 $13,500 $17,000 $0

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