Lance has two adult children from a previous marriage. For the past three years, Lance made gifts to his children as follows:

2013: Gifts of $60,000 to each child.

2014: Gifts of $40,000 to each child.

2015: Gifts of $50,000 to each child

XIII

Maurice added his sons name to his bank account so that Claude could help pay his bills. At Maurices death, the total value of the account is included in his gross estate.

True

False

XIV

Lance's wife (above) has agreed to split the gifts each year. What is the total of Lance's taxable gifts? Show your work.