Penny and Mary Hardaway are married and live in Tennessee, a community-property state. For their birthdays in 2023, Penny gave cash gifts of $27,100 to each of his two daughters, and Mary gave $42,800 to her niece. What is the amount of Penny's taxable gifts? Multiple Choice O O O $4,400 $17,120 $41,800 Zero only if Penny and Mary elect to split gifts. None of the choices are correct.
Penny and Mary Hardaway are married and live in Tennessee, a community-property state. For their birthdays in 2023, Penny gave cash gifts of $27,100 to each of his two daughters, and Mary gave $42,800 to her niece. What is the amount of Penny's taxable gifts? Multiple Choice O O O $4,400 $17,120 $41,800 Zero only if Penny and Mary elect to split gifts. None of the choices are correct.
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 52IIP
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Transcribed Image Text:Penny and Mary Hardaway are married and live in Tennessee, a community-property state. For their birthdays in 2023, Penny gave cash gifts of $27,100 to each of
his two daughters, and Mary gave $42,800 to her niece. What is the amount of Penny's taxable gifts?
Multiple Choice
O
C
$4,400
$17,120
$41,800
Zero only if Penny and Mary elect to split gifts.
None of the choices are correct.
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ISBN:
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Author:
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Publisher:
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