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

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Accounting

Lance has two adult children from a previous marriage. He hasgifted them money for the past three years from his separate bankaccount 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
What is the amount of Lance’s total taxable gifts?

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