Question
Calculate the current gift tax IRC 2503 Annual exclusion for a gift of $10,000 indexed ($11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012, S14,000
IRC 2503 Annual exclusion for a gift of $10,000 indexed ($11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012, S14,000 in 2013-2017, $15,000 in 2018- 2021, S16,000 for 2022 and $17,000 for 2023) per done. In June 2020 Wilma gave Pebbles a gift of real estate worth $22,515,000. (There were no prior gifts). Total CY gross gifts Less annual exclusions and deductions Total taxable gifts Calculate tentative tax on total taxable gifts Less Unified Credit (UC) Current gift tax
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