Question: Using property she inherited Myrna makes a gift of 6 2

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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  • CreatedSeptember 09, 2015
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