As the first gift from their estate, Lily and Tom Phillips plan to give $20,000 to their

Question:

As the first gift from their estate, Lily and Tom Phillips plan to give $20,000 to their son, Raoul, for a down payment on a house.
a. How much gift tax will be owed by Lily and Tom?
b. How much income tax will be owed by Raoul?
c. List three advantages of making this gift.