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 $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 $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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![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
$4,400
$17,120
$41,800
Zero only if Penny and Mary elect to split gifts.
None of the choices are correct.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F22d3be03-b616-42ca-836e-bfd08ea4217e%2F284846c0-80af-4b38-8f36-ac95517f3597%2Fk5ssbff_processed.png&w=3840&q=75)
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
$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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