Sue died on May 3, 2017. On October 1, 2015, Sue gave her son Tom land valued

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Sue died on May 3, 2017. On October 1, 2015, Sue gave her son Tom land valued at $7,014,000. Sue applied a unified credit of $2,117,800 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 2015 gift?

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Federal Taxation 2018 Comprehensive

ISBN: 9780134532387

31st Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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Question Posted: Apr 04, 2018 04:23 AM

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Sue died on May 3, 2017. On October 1, 2015, Sue gave her son Tom land valued

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a Inclusion in gross estate under grossup rule 27458...View the full answer

Federal Taxation 2018 Comprehensive

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