QUESTION 1 "06. Wendy is a very generous single woman Prior to this year, she had given $5,000,000 in taxable gifts over the years. In the current year, Wendy gawe her daughter Rachel $500,000 and promptly filed a gift tax return Wendy did not make any other gifts this year How much gift tax must Wendy pay because of this transaction?" he IRS O "b $4,000 O "C. $30,450" O "d 711,250