Using property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The

Question:

Using property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The gift takes place in 2012. Neither Myrna nor her husband, Greg, has made any prior taxable gifts. Determine the gift tax liability if:
a. The § 2513 election to split gifts is not made.
b. The § 2513 election to split gifts is made.
c. What are the tax savings from making the election?