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Emily made taxable gifts of $43,000 in 2023. Emilys prior gifts are as follows: Year Amount of Taxable Gifts 1974 $ 500,000 1998 1,000,000 What
Emily made taxable gifts of $43,000 in 2023. Emilys prior gifts are as follows:
Year Amount of Taxable Gifts
1974 $ 500,000
1998 1,000,000
What is Emilys current year gift tax liability before considering the unified credit? What is the amount of the remaining 2023 unified credit available to offset the 2023 gift tax liability? What is the total tax payable in 2023? Please show me the formulas for determining the gift tax liability. thank you
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