The formula for computing the federal gift tax payable on taxable gifts made in 2020 has the following steps: 

1. Calculate the tax on all taxable gifts. 

2. Calculate the tax on all taxable gifts made in years prior to 2020. 

3. Subtract the number calculated in step 2 from the number calculated in step 1. 

4. Subtract the donor's unused gift tax unified credit from the number calculated in step 3.

 True or false?

Answer rating: 100% (QA)

Solution True Gift tax computatio... View the full answer