In the current year, Larry gives $50,000 cash and $30,000 of stock to Mike. He also gives $40,000 of tax-exempt bonds to Angela. His wife , Susan , gives $200,000 of land to Angela and $20,000 cash to...

Extracted text: In the current year, Larry gives $50,000 cash and $30,000 of stock to Mike. He also gives $40,000 of tax-exempt bonds to Angela. His wife , Susan , gives $200,000 of land to Angela and $20,000 cash to Pete. Assume the couple elects gift splitting for the current year. Larry's taxable gifts reported on his gift tax return total A. $170,000 B. $130,000 C. $125,000 D. $30,000