Regarding the gift tax exclusion

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Reference no: EM133541908

Question: Tax Drill - Gift Splitting

Answer the following regarding the gift tax exclusion.

a. Patel is single and gives each of his six grandchildren $30,000 this year (2022). Patel's gift tax exclusion is $fill in the blank 1.

b. Assume Patel is married and elects to gift-splitting with his wife. Patel's gift tax exclusion is $fill in the blank 2.

Reference no: EM133541908

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