[Solved] For the holidays, Michalis gave a watch w

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For the holidays, Michalis gave a watch worth $ 2 5 , 0 0 0 to Sobia and jewelry worth $ 4 0 , 0

For the holidays, Michalis gave a watch worth $

25, 000

to Sobia and jewelry worth $

40, 000

to Natalie.

.

Has Michalis made any taxable gifts this year and, if so

,

in what amounts?

.

Assume Michalis is married to Wendy and lives in a community

-

property state. What are the amounts, if any, of their taxable gifts?

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