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Calculating gift tax. Barry and his wife Mary have accumulated over $4 million during their 45 years of marriage. They have three children and five

Calculating gift tax. Barry and his wife Mary have accumulated over $4 million during their 45 years of marriage. They have three children and five grandchildren.

1. How much money can Barry and Mary gift to their children in 2014 without any gift tax liability?

2. How much money can Barry and Mary gift to their grandchildren?

3. What is the total amount of estate removed from Barry and Marys estate?

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