Question 211. Lance has two adult children from a previous marriage, He has gifted them money for the past three years and his wife has consented to split the gift each year lance made gift to his children as follows: 2012 : Gifts of $60,000 to each child 2013 : Gifts of $40,000 to each child 2014: Gifts of $50,000 to each child What is Lance's gift tax liability for 2014 before applying his unified credit? a. $0 b. $ 15,600 c. $4,680 d. $5,440