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In 2018, Mr. Ito, an unmarried individual, made a gift of real estate to his son. Compute the amount subject to federal gift tax if
In 2018, Mr. Ito, an unmarried individual, made a gift of real estate to his son. Compute the amount subject to federal gift tax if the FMV of the real estate was $15 million. Also note that two years ago, Mr. Ito made his first taxable gift: marketable securities with a $3 million FMV in excess of the annual exclusion.
a. $0
b. $3,785,000
c. $6,785,000
d. None of the above
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