Score: 0 of 2 pts 1 of 5 (0 complete) HW Score: 0%, 0 of 8 Problem 16-2 (similar to) Question Help tel As the first gift from their estate, Lily and Tom Phillips plan to give $24.760 to their son, Raoul, for a down payment on a house. a. How much gift tax will be owed by Lily and Tom? b. How much income tax will be owed by Raoul? c. List three advantages of making this gift mit a. How much gift tax will be owed by Lily and Tom? (Select the best answer below.) Liong O A. Lily and Tom will owe git taxes (at their marginal tax rate) on $10,760, the difference between the gift and the tax-free $14,000 maximum (for 2014). OB. There will be no gift tax owed by Lilly and Tom on their $24,760 gift to Raul because a couple can transfer $28,000 per year (for 2014) to any number of people free of gift tax, a maximum of $14.000 from each spouse. Click to select your answer and then click Check Answer ersonal Policy 2 par Clear All FC remaining i were to search o a