Barry and his wife Mary have accumulated over $4 million during their 45 years of marriage. They have three children and five grandchildren. How much money can Barry and Mary gift to their children in 2013 without any gift tax liability?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Barry and his wife Mary have accumulated over $4 million during their 45 years of
marriage. They have three children and five grandchildren. How much money can Barry
and Mary gift to their children in 2013 without any gift tax liability?
Total gift amount without any gift tax
liability
$ 28000 X
Transcribed Image Text:Barry and his wife Mary have accumulated over $4 million during their 45 years of marriage. They have three children and five grandchildren. How much money can Barry and Mary gift to their children in 2013 without any gift tax liability? Total gift amount without any gift tax liability $ 28000 X
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