Subject - account Please help me. Thankyou. Ozzie and Harriet are married andlive in Michigan, a common-lawstate. For the holidays Ozzie gavecash gifts of $50,000 to his son,and Harriet gave $36,000 to herdaughter. What is the totalamount of Ozzie's taxable gifts ifOzzie and Harriet elect to split thegifts?Multiple Choice$28,000.$13,000.$86,000.None of the choices arecorrect.$43,000.

The Annual exclusion limit of son is $15,000 and Annual exclusion limit for daughter is $15,000…

Answered: Multiple Choice $28,000. $13,000. ● •…

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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Multiple Choice $28,000. $13,000. ● • $86,000. ● ● ● None of the choices are