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During 2015, Franklin, who is single, made the following gifts (all outright gifts, no trusts): Property worth $1,264,000 to his daughter $3,014,000 cash to his
During 2015, Franklin, who is single, made the following gifts (all outright gifts, no trusts): Property worth $1,264,000 to his daughter $3,014,000 cash to his favorite grandchild Real estate worth $1,514,000 to his other favorite grandchild A stock portfolio worth $714,000 to his brother In prior years, Franklin had made pre-2011 taxable gifts totaling $5 million, which gifts included gifts to grandchildren totaling $3 million. Franklin has applied $2,430,000 of his GST exemption to his prior years' gifts to grandchildren. Determine the total transfer tax due on these gifts, including GST, if applicable
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