During 2022, Michael, a single taxpayer, made an $11,630,000 taxable gift to his brother. His only previous

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During 2022, Michael, a single taxpayer, made an $11,630,000 taxable gift to his brother. His only previous gift was a $510,000 taxable gift to his sister in 2000, which generated a $159,500 gift tax liability. Michael offset this tax liability by his applicable credit. What is Michael's gift tax due for 2022? (NOTE: The taxable gifts amounts have already been reduced by the annual exclusion.)

Posted Date: May 19, 2024 05:17 AM

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During 2022, Michael, a single taxpayer, made an $11,630,000 taxable gift to his brother. His only previous

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