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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? 9

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? 9

FINANCIAL ACCOUNTING
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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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?
Transcribed Image Text: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?
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