Don and Linda Grant, U.S. citizens, were married for the entire 2017 calendar year. In 2017, Don gave a $66,000 cash gift to his sister. The Grants made no other gifts in 2017. They each signed a timely election to treat the $66,000 gift as one made by each spouse. Disregarding the unified credit and estate tax consequences, what amount of the 2017 gift is taxable to the Grants for gift tax purposes?
A. $0
B. $38,000
C. $52,000
D. $66,000
Answer: B. $38,000
Business
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