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Elizabeth, a widow since 2000, made taxable gifts of $3,000,000 in 2011 and $4,000,000 in 2015. She paid no gift tax on the 2011 transfer.
Elizabeth, a widow since 2000, made taxable gifts of $3,000,000 in 2011 and $4,000,000 in 2015. She paid no gift tax on the 2011 transfer.
What is her tax base for determining any gift tax on the 2015 gift?
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