Using Property, she inherited, Myrna makes a cash gift of $16.2 million to her adult daughter in 2020. Neither Myrna nor her husband, Greg, has made any prior taxable gifts. They do not live in a community property state. Determine the Federal gift tax liability if:

1. The election to split gifts is not made (5 points)

2. The election to split gifts is made. (5 points)

3. What are the tax savings from making the election? (5 points)