K As the first gift from their estate, Lily and Tom Phillips plan to give $24,460 to their son, Raoul, for a down payment on a house. a. How much gift tax will be owed by Lily and Tom? b. How much income tax will be owed by Raoul? c. Suppose instead that Lily and Tom each make a gift of $24,460 to Raoul. How much of the gift will be subject to the gift tax? d. List three advantages of making this gift.