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If Person Z wants to support his son's educational efforts, and he is mindful of gift tax, what can he do? a. Z can contribute
If Person Z wants to support his son's educational efforts, and he is mindful of gift tax, what can he do? a. Z can contribute an unlimited amount per year to his son's 529 plan since these educational contributions are exempt from gift tax. b. Z cannot do anything until his son goes to college. c. Z can contribute up to $80,000 to his son's 529 plan and elect to spread the contribution over a five-year period to avoid gift tax. d. Z cannot do anything for his own son, but he can make an unlimited contribution to an unrelated minor's 529 plan as part of the educational exclusion from gift tax
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