A gift is made during the current year of $100,000 that is eligible for the annual gift tax exclusion under Section 2503. The donor has not made any prior gifts or any other gifts during the current year. In order to eliminate any gift tax due, how much of the basic exclusion amount (unified credit in exclusion amount) must be consumed? 

Answer rating: 100% (QA)

To eliminate any gift tax due on a gift of 100000 that is eligible for the annual gift tax exclusion ... View the full answer