John gave $26,000 to each of his 10 grandchildren this year. Lisa, his wife, made no gifts

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John gave $26,000 to each of his 10 grandchildren this year. Lisa, his wife, made no gifts during the year.

a. How much are John’s taxable gifts if gift splitting is not elected?

b. How much are John’s taxable gifts if gift splitting is elected?

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Taxation For Decision Makers 2008

ISBN: 9780324654110

2nd Edition

Authors: Shirley Dennis-Escoffier, Karen A. Fortin

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