Ms. Moneybags is a single taxpayer who made taxable gifts in 2018 totaling $1,400,000. In the current year (2019), she makes one gift during the year, a $250,000 gift to her favorite niece.  In both years, she has elected to pay the gift tax. What is the amount of gift tax she will owe for 2019?

Answer rating: 100% (QA)

Solution since Ms Moneybag is a single taxpayer and made a taxable gift in 2018 and she al... View the full answer