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Course Name: Estate and gifts tax Assume D, a widower, made no prior taxable gifts. Consider code. 2501, 2502, 2505, and 6019. In 2012, D

Course Name: Estate and gifts tax

Assume D, a widower, made no prior taxable gifts. Consider code. 2501, 2502, 2505, and 6019.

In 2012, D makes his first taxable gift in the amount of $500,000. What are the gift tax ramifications of the transfer? what is the amount of the gift tax payable? Must D file a gift tax return?

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