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43. LO.5 Bill and Ellen are husband and wife with five married children and eight grandchildren. Commencing in December 2013, they would like to transfer

43. LO.5 Bill and Ellen are husband and wife with five married children and eight grandchildren. Commencing in December 2013, they would like to transfer a tract of land (worth $1,008,000) equally to their children (including spouses) and grandchildren as quickly as possible without making a taxable gift. What do you suggest?

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