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Exercise 18-19 (Algorithmic) (L0. 2) Elizabeth made taxable gifts of $3,100,000 in 2019 and $4,030,000 in 2020. She paid no gift tax on the 2019

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Exercise 18-19 (Algorithmic) (L0. 2) Elizabeth made taxable gifts of $3,100,000 in 2019 and $4,030,000 in 2020. She paid no gift tax on the 2019 transfer. On what amount is the Federal gift tax computed for the 2020 gift

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