Julius, a married taxpayer, makes gifts to each of his six children.A maximum of twelve annual exclusions could be allowed as to these gifts.

Question

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The annual exclusion for gifts in 2021 is $15,000 per person. Since Julius has six children, he can give each child up to $15,000 without incurring gift tax or reducing his lifetime gift and estate tax exemption. Therefore, a maximum of twelve annual exclusions ($15,000 x 6) could be allowed as to these gifts.

Julius, a Married Taxpayer, Makes Gifts to Each of His