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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, and the transfer was Mr. Itos first taxable gift.

a. $0

b. $3,785,000

c. $1,892,500

d. None of the above

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