Question
Ozzie and Harriet are married and live in Michigan, a common-law state. For the holidays Ozzie gave cash gifts of $50,000 to his son, and
Ozzie and Harriet are married and live in Michigan, a common-law state. For the holidays Ozzie gave cash gifts of $50,000 to his son, and Harriet gave $36,000 to her daughter. What is the total amount of Ozzies taxable gifts if Ozzie and Harriet elect to split the gifts?
Multiple Choice
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$28,000.
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$13,000.
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$86,000.
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None of the choices are correct.
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$43,000.
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Cost Management Strategies For Business Decisions
Authors: Ronald Hilton, Michael Maher, Frank Selto
3rd Edition
0072830085, 978-0072830088
