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Penny and Mary Hardaway are married and live in Tennessee, a common-law state. For the holidays in 2023 , Mary gave cash gifts of $40,500
Penny and Mary Hardaway are married and live in Tennessee, a common-law state. For the holidays in 2023 , Mary gave cash gifts of $40,500 to each of her two sons, and Penny gave $40,600 to his daughter. What is the amount of Mary's taxable gifts if Penny and Mary opt to gift-split? Multiple Choice $40,500 $70,500 $9,800 $6,500 None of the choices are correct
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