For the holidays, Michalis gave a watch worth $$20,700$ to Sobia and jewelry worth $$55,250$ 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?

Sly is a widower and wants to make annual gifts of cash to each of his four siblings and six children.

How much can Sly transfer to his siblings and children this year if he makes the maximum gifts eligible for the annual exclusion?

What is the amount of the total transfer if Sly is married and elects gift$-$splitting, assuming his spouse makes no other gifts?