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Lance has two adult children from a previous marriage. He has gifted them money for...

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Accounting

Lance has two adult children from a previous marriage. He has gifted them money for the past three years from his separate bank account and his wife has consented to split the gifts each year. Lance made gifts to his children as follows:

2016: Gifts of $60,000 to each child

2017: Gifts of $40,000 to each child

2018: Gifts of $50,000 to each child

  1. What is the amount of Lances total taxable gifts?

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