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.