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 2016. 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?
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a Myrnas gift tax is computed as follows Amount of gift 6200000 Less an...View the full answer
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Related Book For 
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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