During 2020, Vasu wants to take advantage of the annual exclusion and make gifts to his 8 married children (including their spouses) and his 20 minor grandchildren.

a. How much property can Vasu give away this year without creating a taxable gift?

b. How does your answer change if Vasu's wife, Coleen, elects to join in making the gifts?

Exercise 19-22 (Algorithmic) (LO. 5) During 2020, Vasu wants to take advantage of the annual exclusion and make gifts to his 8 married children (including their spouses) and his 20 minor grandchildren. a. How much property can Vasu give away this year without creating a taxable gift? 240,000 x b. How does your answer change if Vasu's wife, Coleen, elects to join in making the gifts? 480,000 X