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Grandparent makes $70,000 contribution to a Qualified Tuition Program for the benefit of Grandchild. (a) Discuss the gift tax consequences to Grandparent. Does Section 2503(e)

Grandparent makes $70,000 contribution to a Qualified Tuition Program for the benefit of Grandchild.

(a) Discuss the gift tax consequences to Grandparent. Does Section 2503(e) apply to the transfer? What is the result if Grandparents makes a Section 529(c)(2)(B) election?

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