Using property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The

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Using property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The gift takes place in 2015. Neither Myrna nor her husband, Greg, have made any prior taxable gifts. Determine the gift tax liability if:

a. The § 2513 election to split gifts is not made.

b. The § 2513 election to split gifts is made.

c. What are the tax savings from making the election?

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South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

ISBN: 9781305399884

39th Edition

Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young

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Question Posted: Sep 09, 2015 07:13 AM

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Using property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The

Question:

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a b If the 2513 election is made c Tax savings under 2513 is 30240...View the full answer

South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

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