Exercise 27-24 (Algorithmic) ( LO, 5 ) Noah and Sophia want to make a maximum contribution to their state's quallfied tuition program (Code 5529 plan) on behalf of their 4 grandchildren without exceeding the annual Federal gift tax exclusion. a. How much can they transfer to the plan for grandchildren without incurring a current Federal gift tax? x Feesback 7 Check My Won For income tax and gift tax purposes, 5529 plans possess attributes that reflect the best of all possible worlds. Although no up-front. Federal income tax deduction is allowed, income earned by the fund accumulates free of income tax and distributions are not taxed if ti are used for higher education purposes. A special provision allows a donor to enjoy a gift tax advantage by using five years of annual exclusion. b. Express your answer as a Microsoft Excel command. EXCLUDE =( MAX (2, NUMDONORS ))-NUMDONEES.ANNEXCL. 5 Feedtack Sheck My won