Texas is a community property state. Mike and Molly, who live in Texas, are going to file MFS for $2024.$ Mike makes

$$80,000,000$ per year of taxable wages, interest, dividends, and capital gains. Molly does not work and she has no

income. Which statement is true?

Both must report $$40,000,000$ of income for the year

Mike reports the $$80,000,000$ and Molly reports nothing

They are not allowed to file separately

They can negotiate how much each will report