Jordan and Austin are married and live in Texas. Jordan's parents are very wealthy and have given her significant amounts of money. Jordan deposits those funds into a non-interest-bearing checking account in her name only. In addition, Jordan owns a rental home that her parents gave to her. Austin comes from a poor family and has worked very hard to get where he is today. He has a great job and makes a comfortable living. In 2022, Austin and Jordan had the following transactions: 1. Jordan's rental home earned $24,000 in rental income. 2. Jordan's parents gave her an additional $100,000 as a gift. 3. Austin earned $150,000 in salary. 4. Austin received $50,000 in life insurance proceeds when his mother passed away. Jordan and Austin file separate income tax returns. Please determine how much income Jordan and Austin will each report on their respective returns. Be sure to fully explain your analysis. You should prepare your response as if your boss has asked you to research these issues and provide a detailed explanation of each relevant rule. Finding the correct answer is not sufficient because your boss wants to understand the applicable laws so she can explain them to the clients when they meet