Barry and his wife, Mary, have accumulated over $5.2 million during their 50 years of marriage. They have two children and seven grandchildren. How much money can Barry and Mary gift to their grandchildren in 2017 without any gift tax liability?

Barry and his wife, Mary, have accumulated over $5.2 million during their 50 years of marriage. They have two children and seven grandchildren. How much money can Barry and Mary gift to their grandchildren in 2017 without any gift tax liability?

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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Question

Barry and his wife, Mary, have accumulated over $5.2 million during their 50 years of marriage. They have two children and seven
grandchildren.
How much money can Barry and Mary gift to their grandchildren in 2017 without any gift tax liability?
Answer is complete but not entirely correct.
$ 56,000 X
Maximum tax-free gifts to grandchildren

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