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Exercise $27-19($LO$.3)$

Elizabeth made taxable gifts of $$3,000,000$ in $2020$ and $$14,000,000$ in $2022.$ She paid no gift tax on the $2020$ transfer.

On what amount is the Federal gift tax computed for the $2022$ gift?

DQ$\mathrm{.}27-03$

DQ$\mathrm{.}27-07$

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DQ$\mathrm{.}27-08$

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DQ$\mathrm{.}27-09$

Like the income tax, which uses taxable income $($not gross income$)$ as a tax base, the gift tax usually does not apply to the the gift. Deductions and the annual exclusion may be allowed to arrive at an amount called the taxable gift.

DQ$.27-10$

DQ$.27-13$