Questions 7 to 8: Lance has two adult children. Lance is not married. Lance has never made any taxable gifts before. Lance made gifts to his children as follows:

2019: Outright Gifts of $50,000 in cash to each child

7. What is the amount of Lances total taxable gifts in 2019?

1. $15,000
2. $30,000
3. $70,000
4. $100,000

8. What is Lances gift tax liability for 2019 before applying his unified credit?

1. $13,600
2. $15,600
3. $32,000
4. $40,000