Andrew and Brianna are married and live in Texas, a community property state. For their birthdays this year Andrew gave cash gifts of $22,100 to each ofhis two daughters, and Brianna gave $36,800 to her niece. What is the amount of Andrew's taxable gifts?Multiple ChoiceO$3,400.$10,000.$25,000.zero if Andrew and Brianna elect to split gifts.None of the choices are correct.

As per the current United States federal tax rates. Current year gift exclusions limit for 2018…

Answered: Andrew and Brianna are married and live…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Andrew and Brianna are married and live in Texas, a community property state. For their birthdays this year Andrew gave cash gifts of $22,100 to each of his two daughters, and Brianna gave $36,800 to her niece. What is the amount of Andrew's taxable gifts?