Question: Sue died on May 3, 2015. On October 1, 2012, Sue gave Tom land valued at $7,013,000. Sue applied a unified credit of $1,772,800 against
Sue died on May 3, 2015. On October 1, 2012, Sue gave Tom land valued at $7,013,000. Sue applied a unified credit of $1,772,800 against the gift tax due on this transfer. On Sue’s date of death the land was valued at $9.4 million.
a. With respect to this transaction, what amount was included in Sue’s gross estate?
b. What is the amount of Sue’s adjusted taxable gifts attributable to the 2012 gift?
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