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Exercise 1 8 - 1 9 ( Algorithmic ) ( LO . 3 ) Elizabeth made taxable gifts of $ 6 , 7 5 0

Exercise $18 - 19 ($ Algorithmic $) ($ LO $. 3)$

Elizabeth made taxable gifts of $ $6, 750, 000$ in $2021$ and $ $8, 775, 000$ in $2023 .$ She paid no gift tax on the $2021$ transfer.

On what amount is the Federal gift tax computed for the $2023$ gift?

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Question

Exercise 1 8 - 1 9 ( Algorithmic ) ( LO . 3 ) Elizabeth made taxable gifts of $ 6 , 7 5 0

Exercise 18-19(Algorithmic)(LO.3) Elizabeth made taxable gifts of $6,750,000 in 2021 and $8,775,000 in 2023. She paid no gift tax on the 2021 transfer. On what amount is the Federal gift tax computed for the 2023 gift?

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Advanced Financial Accounting

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Exercise $18 - 19 ($ Algorithmic $) ($ LO $. 3)$

Elizabeth made taxable gifts of $ $6, 750, 000$ in $2021$ and $ $8, 775, 000$ in $2023 .$ She paid no gift tax on the $2021$ transfer.

On what amount is the Federal gift tax computed for the $2023$ gift?