In addition to giving away money at the time of their death, individuals are allowed to give gifts of money during their lifetime. In 2022, they were allowed to give up to $16,000 per year to as many individuals as they would like without having anyone having to pay any taxes. The gifts are said to be "excluded" from taxation. Assuming that a couple has plenty of money, how much could the two give to their son and his wife IN TOTAL in 2022 year without anyone having to pay gift taxes? O $48,000 $128,000 $32,000 $64,000 $16,000

In addition to giving away money at the time of their death, individuals are allowed to give gifts of money during their lifetime. In 2022, they were allowed to give up to $16,000 per year to as many individuals as they would like without having anyone having to pay any taxes. The gifts are said to be "excluded" from taxation. Assuming that a couple has plenty of money, how much could the two give to their son and his wife IN TOTAL in 2022 year without anyone having to pay gift taxes? O $48,000 $128,000 $32,000 $64,000 $16,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 38P

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