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Jennifer and Terry, a married couple, live in Illinois; which is a common law state. In the current year, Terry gives his sister $200,000 cash. Jennifer and Terry agree to gift splitting. Neither Jennifer nor Terry has made any taxable gifts in prior years. What are Jennifer and Terry's taxable gifts?
Liberalism
A political and moral philosophy that emphasizes individual freedom, democracy, and equal rights, advocating for government policies that protect personal liberties.
Checks and Balances
A foundational principle in the constitution of many democratic countries, designed to ensure that no single branch of government becomes too powerful, by providing each branch with powers to check the others.
Republicanism
A political ideology centered on citizenship in a state organized as a republic under which the people hold popular sovereignty.
Liberalism
A philosophical ideology that emphasizes freedom, the approval of its citizens, and equal treatment under the law.
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