Problem $19-5$ Calculating the Gift Tax $[$LO$19-5]$

Barry and his wife Mary have accumulated over $$5$ million during their $47$ years of marriage. They have four children and six grandchildren.

How much money can Barry and Mary gift to their children in $2021$ without any gift tax liability?

Note: Enter your answer in dollars not in millions of dollars.Problem $19-5$ Calculating the Gift Tax $[$LO$19-5]$

Barry and his wife Mary have accumulated over $$5$ million during their $47$ years of marriage. They have four children and six

grandchildren.

How much money can Barry and Mary gift to their children in $2021$ without any gift tax liability?

Note: Enter your answer in dollars not in millions of dollars.

Total gift amount without any gift tax liability