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Eugene and Amelia wish to help fund their grandchild Drew's college education. They have a sizable estate and wish to place the money into an account that has growth potential along with tax benefits. Assuming they choose a Section 529 plan, what is the maximum they could place into the account for Drew and meet the following goals: 1) removal of the contribution amount from their estates, and 2) no gift tax implications in 2021? O A) $15,000 O B) $30,000 O C) $0 O D) $150,000

Eugene and Amelia wish to help fund their grandchild Drew's college education. They have a sizable estate and wish to place the money into an account that has growth potential along with tax benefits. Assuming they choose a Section 529 plan, what is the maximum they could place into the account for Drew and meet the following goals: 1) removal of the contribution amount from their estates, and 2) no gift tax implications in 2021? O A) $15,000 O B) $30,000 O C) $0 O D) $150,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Eugene and Amelia wish to help fund their grandchild Drew's college education. They have a sizable estate and wish to place the money into an account that has growth potential along with tax benefits. Assuming they choose a Section 529 plan, what is the maximum they could place into the account for Drew and meet the following goals: 1) removal of the contribution amount from their estates, and 2) no gift tax implications in 2021? A) $15,000 O B) $30,000 Oc) $0 O D) $150,000
Transcribed Image Text:Eugene and Amelia wish to help fund their grandchild Drew's college education. They have a sizable estate and wish to place the money into an account that has growth potential along with tax benefits. Assuming they choose a Section 529 plan, what is the maximum they could place into the account for Drew and meet the following goals: 1) removal of the contribution amount from their estates, and 2) no gift tax implications in 2021? A) $15,000 O B) $30,000 Oc) $0 O D) $150,000
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