Cortez and Shelby are married and each made the following gifts in 2022: Cortez: $20,000 to their son $30,000 to his mother Shelby: $25,000 to their daughter $70,000 to Shelby's brother. a. What is the amount of their taxable gifts assuming they do not elect to split gifts? b. What is the amount of their taxable gifts assuming they elect to split gifts?
Cortez and Shelby are married and each made the following gifts in 2022: Cortez: $20,000 to their son $30,000 to his mother Shelby: $25,000 to their daughter $70,000 to Shelby's brother. a. What is the amount of their taxable gifts assuming they do not elect to split gifts? b. What is the amount of their taxable gifts assuming they elect to split gifts?
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 1DQ
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