Question
Cortez and Shelby are married and each made the following gifts in 2016: Cortez: $20,000 to their son $30,000 to his mother Shelby: $25,000 to
Cortez and Shelby are married and each made the following gifts in 2016: Cortez: $20,000 to their son $30,000 to his mother Shelby: $25,000 to their daughter $70,000 to Shelby's brother.
a. What is the amount of their taxable gifts assuming they do not elect to split gifts? $__________
b. What is the amount of their taxable gifts assuming they elect to split gifts? $__________
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Corporate Financial Accounting
Authors: Carl S Warren, Jeff Jones
16th Edition
0357510380, 978-0357510384
