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Problem 27-35 (LO. 5) Using property she inherited, Myrna makes a 2019 gift of $16,200,000 to her adult daughter, Doris. Neither Myrna nor her husband,

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Problem 27-35 (LO. 5) Using property she inherited, Myrna makes a 2019 gift of $16,200,000 to her adult daughter, Doris. Neither Myrna nor her husband, Greg, has made any prior taxable gifts. Assuming that a flat 40% tax rate applies, determine the Federal gift tax liability if (a) the election to split gifts is not made and (b) the election to split gifts is made. (c) What are the tax savings from making the election? The unified transfer credit exclusion for 2019 is $11,400,000. If an amount is zero, enter "0". a. If the election to split gifts is not made, the taxable gift is $ and gift tax due on the gift is $ b. If the election to split gifts is made, then the taxable gift from Myrna is $ and from Greg is Gift tax due from Myrna is $ and from Greg is $ C. The tax savings from making the election is $

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