As the first gift from their estate, Lily and Tom Phillips plan to give $17,030 to their son, RaDul, for a down payment on a house. a. How much gift tax will be owed by Lily and Tom? b. How much income tax will be owed by Raou? c. List three advantages of making this gitt a. How much gift tax will be owed by Lily and Tom? (Select the best answer befow) A. There will be no gift tax owed by Lilly and Tom on their $17,030gtt to Raul becausel a couple can transfor $28,000 per year (for 2014 ) fo any number of people free of gitt lax a maximum of $14.000 from each spouse B. Lily and Tom will owe gif taxes (at their margnal tax rate) on $3,030, the daforence between the g tt and the tix. free $14,000 maximum (for 2014 )