Billy wants to gift money to his son and daughter. He sets up the following gifting plan. Assume no gift splitting and fill out column c. A B. C. D. Year Amount gifted Amount subject Amount subject To each Child to gift tax (no gift splitting) to gift tax with gift splitting 2020 $17,000 each b. Now assume Billy uses gift splitting with his wife how much will be subject to gift tax (fill out column D)?

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ANSWER Gift tax is a federal tax paid by an individual who transfers something of value to another i... View the full answer