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Wendy is a very generous single woman. Prior to 2020, she had given $30 million in taxable gifts over the years. In 2020, Wendy gave

Wendy is a very generous single woman. Prior to 2020, she had given $30 million in taxable gifts over the years. In 2020, Wendy gave her daughter, Rachel, $500,000 and promptly filed a gift tax return. Wendy did not make any other gifts this year. How much is her taxable gift in the current year?

  1. $0.
  2. $15,000.
  3. $485,000.
  4. $500,000.

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