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1. What are the deficiencies in the presentation of the Statement of Financial Position?

2. The Steiners decided to provide additional financial assistance to help with their grandchildren's college education expenses. They planned to elect gift-splitting for any gifts they made and they wanted to give as much as they could without incurring any gift tax. What was the maximum amount they could have contributed in 2013 and still have met these objectives using Coverdell Education Savings Accounts (ESAs) and Section 529 plans?

Gift splitting - $28000

ESAs - $2000

529 Plans - $13000

Max Amount - $43000 per child/ $129000 total

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Category:- Basic Finance
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