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What is the amount of their taxable gifts assuming they

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?

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Accounting Basics: What is the amount of their taxable gifts assuming they

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