Janice is wealthy and generous single woman and has given gifts in excess of $40,000,000 in taxable gifts over the last 20 years. This year she gave a gift of $552,709 to her daughter. She promptly filed a gift tax return. How much tax will she owe on the gift assuming she made no other gifts to her daughter this year?

Answer rating: 100% (QA)

Step 11 Janice is wealthy and generous single woman and has given gifts in excess of 4... View the full answer