Question: Using property she inherited, Myrna makes a 2017 gift of $6.2 million to her adult daughter, Doris. Neither Myrna nor her husband, Greg, have made

Using property she inherited, Myrna makes a 2017 gift of $6.2 million to her adult daughter, Doris. Neither Myrna nor her husband, Greg, have made any prior taxable gifts. Determine the gift tax liability if:
a. The election to split gifts is not made.
b. The election to split gifts is made.
c. What are the tax savings from making the election?

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a Myrnas gift tax is computed as follows Amount of gift 6200000 Less annual exclusio... View full answer

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