Using property she inherited. Myma makes a 2018 gift of $16.2 million to her adult daughter, Doris.

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Using property she inherited. Myma makes a 2018 gift of $16.2 million to her adult daughter, Doris. Neither Myma nor her husband, Greg, has made any prior taxable gifts. Determine the gift tax liability if:

a. The election to split gifts is not made.

b. The election o split gifts is made.

c. What are the tax savings from making the election?

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South-Western Federal Taxation 2019 Comprehensive

ISBN: 9781337703017

42th Edition

Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young

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Question Posted: Jul 19, 2024 03:01 PM

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Using property she inherited. Myma makes a 2018 gift of $16.2 million to her adult daughter, Doris.

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a Myrnas gift tax is computed as follows Amount of ...View the full answer

South-Western Federal Taxation 2019 Comprehensive

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