Sarah and Patrick, spouses, have four adult children, Art, Barb, Cynthia, and Darryl. In the current year, they made a number of gifts. Sarah gave Art cash of $50,000 and Barb stock valued at $56,000. Patrick gave Cynthia stock valued at $52,000 and deposited $88,000 in a bank account in the names of Patrick and Darryl, joint tenants with right of survivorship. Later in the year, Patrick withdrew $11,000 from the account, and Darryl withdrew $8,800. Patrick gave stock valued at $60,000 to his alma mater, State Technological Institute. Requirement Calculate the amount of taxable gifts for each spouse if they elect gift splitting. (Assume the current year is 2019. Select the labels and then calculate the amount of taxable gifts for each spouse if they elect gift splitting. Use a minus sign or parentheses for amounts to be subtracted.) Minus: Plus: Minus: Taxable gifts Sarah Patrick