Sue died on May 3, 2020. On October 1, 2017, Sue gave her son Tom land valued

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Sue died on May 3, 2020. On October 1, 2017, Sue gave her son Tom land valued at $7,014,000. Sue applied a unified credit of $2,141,800 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 2017 gift?

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Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts

ISBN: 9780135919460

34th Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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Question Posted: Nov 20, 2020 01:01 AM

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Sue died on May 3, 2020. On October 1, 2017, Sue gave her son Tom land valued

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Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts

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