In March 1976, Sue made a taxable gift of $200,000. In arriving at the amount of her
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In March 1976, Sue made a taxable gift of $200,000. In arriving at the amount of her taxable gift, Sue elected to deduct the $30,000 specific exemption then available. In 2020, Sue makes her next gift; the taxable amount is $13 million.
a. What unified credit can Sue claim on her 2020 return?
b. What unified credit can Sue claim on her 2020 return if she made the 1976 gift in December instead of March?
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Related Book For
Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
ISBN: 9780135919460
34th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
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