Using property she inherited, Lei makes a 2021 gift of $16,200,000 to her adult daughter, Doris. Neither
Question:
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.
b. The election to split gifts is made.
c. What are the tax savings from making the election?
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a b c Tax savings from giftsplitting is 1794000 The tax is zero ...View the full answer
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Related Book For
South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts
ISBN: 9780357519240
45th Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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