In the current year, Clay gives $32,000 cash to each of his eight grandchildren. His wife makes

Question:

In the current year, Clay gives $32,000 cash to each of his eight grandchildren. His wife makes no gifts during the current year.
a. What are Clay's taxable gifts, assuming Clay and his wife do not elect gift splitting?
b. How would your answer to Part a change if the couple elects gift splitting?