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Cortez and Shelby are married and each made the following gifts in 2016: Cortez: â?¢ $20,000 to thei

Cortez and Shelby are married and each made the following gifts in 2016: 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? $__________

 

Apr 27 2020 View more View Less

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