In 2020, Sondra makes taxable gifts aggregating $300,000. Her only other taxable gifts amount to $200,000, all

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In 2020, Sondra makes taxable gifts aggregating $300,000. Her only other taxable gifts amount to $200,000, all of which she made in 1997.

a. What is Sondra’s 2020 gift tax liability?

b. What is her 2020 gift tax liability under the assumption that she made the $200,000 of taxable gifts in 1974 instead of 1997?

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Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts

ISBN: 9780135919460

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Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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Question Posted: Nov 20, 2020 12:53 AM

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In 2020, Sondra makes taxable gifts aggregating $300,000. Her only other taxable gifts amount to $200,000, all

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The tax payable is zero determined as follows a Tax on 500000 155800 Minus Tax ...View the full answer

Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts

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