Question: Based on these facts, if Xavier and Wendy do not elect gift splitting, Xavier's taxable gifts total 1.$47,000. 2. $62,000. 3. $31,000. 4. $85,000. 5.

Based on these facts, if Xavier and Wendy do not elect gift splitting, Xavier's taxable gifts total 1.$47,000. 2. $62,000. 3. $31,000. 4. $85,000. 5. None of the above. QUESTION 20 Wendy, a single taxpayer, made her first taxable gift (after application of the annual exclusion) of $16,000,000 in 2024 . What is the gift tax payable by Wendy for the gift made in 2024 ? 1.90 2,51,232,000 3. 55.345 .800 4. $5.113.890 5. None of the above

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