Matthew and Addison Are Married and Live in Michigan, a Common-Law

question 1

Multiple Choice

Matthew and Addison are married and live in Michigan, a common-law state. For the holidays Addison gave cash gifts of $40,000 to each of her two sons, and Matthew gave $40,000 to his daughter. What is the amount of Addison's taxable gifts if Matthew and Addison opt to gift-split?

• A)$45,000
• B)$18,000.
• C)$15,000.
• D)$10,000.
• E)None of the choices are correct.

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Definitions:

Money Supply

The total of all monetary assets within an economy at a specific instant, comprising cash, coins, and balances in checking and savings.

Long-Run Aggregate-Supply

is the total supply of goods and services that a country's economy can produce over time when all inputs are used to their full potential.

Aggregate Demand

It's the total demand for goods and services in an economy at a given overall price level and in a given time period.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing and able to sell at a given price level in a given time period.