Using property she inherited, Lei makes a 2021 gift of $16,200,000 to her adult daughter, Doris. Neither Lei nor her spouse, Greg, have 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 tax exclusion amount for 2021 is $11,700,000. If an amount is zero, enter "0". a. If the election to split gifts is not made, the taxable gift is s 16,185,000 and gift tax due on the gift is s 1,842,000 X Feedback Check My Work Married donors residing in community property jurisdictions possessed a significant gift tax advantage over those residing in common law states. To rectify this inequity, Section 2513 was enacted. Per 2513, a gift made by a person to someone other than his or her spouse may be considered, for Federal gift tax purposes, as having been made one-half by each spouse. 8,085,000 and from Greg is $ 8,085,000 b. If the election to split gifts is made, then the taxable gift from Lei is Gift tax due from Lei is s o and from Greg is $ Feedback Check My Work Correct C. The tax savings from making the election is 1,842,000 X