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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

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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Munabhai 

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
Transcribed Image Text: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
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