A married couple, Renata and Lionel, decide to give gifts to help their friends. They...
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A married couple, Renata and Lionel, decide to give gifts to help their friends. They choose to treat all gifts given by either spouse to a third party during the year as if the gifts were made one-half by each spouse. Renata gives a $20,000 gift to one couple (Sam and Diane) and Lionel gives a $16,000 gift to a second couple (Ray and Debra). What is the amount of the reduction in the lifetime exemption from the gifts?
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