Refer to the facts of Problem C: 12-36 and assume the current year is 2018. Emily's prior gifts are as follows:

Year . . . . . . . . . . . . . . . . . . . . Amount of Taxable Gifts

1974 . . . . . . . . . . . . . . . . . . . .$ 500,000

1998. . . . . . . . . . . . . . . . . . . . 1,000,000

What is Emily's 2018 gift tax liability?

Data from C: 12-36:

a. Emily names Lauren the beneficiary of a $100,000 life insurance policy on Emily's life. The beneficiary designation is not irrevocable.

b. Emily deposits $50,000 cash into a checking account in the joint names of herself and Matt, who deposits nothing to the account. Later that year, Matt withdraws $17,000 from the account.

c. Emily pays $22,000 of nephew Noah's medical expenses directly to County Hospital. 

d. Emily transfers the title to land valued at $60,000 to Olive as sole owner.