During 2023, Fred gives $70,000 cash to Fred, Jr. and a remainder interest in a few acres of land to his friend Faith. The remainder interest is valued at $45,000. Fred and his wife, Sarah, elect gift splitting, and during the current year Sarah gives Sandra $6,400 of stock. Requirement What is the total amount of the annual gift tax exclusions available to Fred and Sarah?

Gift of $70,000 cash to Fred, Jr.

Remainder interest in land valued at $45,000 to Faith

Gift of $6,400 stock to Sandra

Total annual gift exclusions