In 2021, Hugo and his wife, Wilma, made the gifts shown below. All gifts are of present interests. (Click the icon to view the gifts made in the current year.) Requirement What is Wilma's gift tax payable for 2021 if the couple elects gift splitting and Wilma's previous taxable gifts (made in 1995) total $1 million? (Click the icon to view the unified credit amounts.) (Click the icon to view the unified transfer tax rates.) Begin by determining the taxable gifts made by Wilma in 2021. Wilma Total gifts made by Wilma in 2021 200000 Minus: Wilma's gifts deemed made by Hugo 00000) Plus: Hugo's gifts deemed made by Wilma 60000 Minus: Exclusions (60000) Marital deduction (60000) Taxable gifts 40000