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Ricky and his wife Bobby want to give as much money as possible to their family to reduce the size

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Ricky and his wife Bobby want to give as much money as possible to their family to reduce the size of their estate.  They wish to avoid gift taxes.  The current federal gift tax exclusion amount is $15,000.  Ricky and Bobby have 12 children and grandchildren.  How much (maximum) can they transfer to their family each year without owing gift taxes?

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Ricky and Bobby can each give 15 000 to each of their 12 children and gra View the full answer


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Related Book For  answer-question
Personal Finance Turning Money into Wealth

Personal Finance Turning Money into Wealth

ISBN: 978-0134730363

8th edition

Authors: Arthur J. Keown

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Question Details
Chapter # 16
Section: Continuing Case
Problem: 1
Posted Date: September 07, 2023 00:01:45
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