Sue died on May 3, 2014. On October 1, 2011, Sue gave Tom land valued at $7,013,000.

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Sue died on May 3, 2014. On October 1, 2011, Sue gave Tom land valued at $7,013,000. Sue applied a unified credit of $1,730,800 against the gift tax due on this transfer. On Sue's date of death the land was valued at $9.4 million.

a. With respect to this transaction, what amount was included in Sue's gross estate?

b. What is the amount of Sue's adjusted taxable gifts attributable to the 2011 gift?

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Federal Taxation 2015 Comprehensive

ISBN: 9780133807783

28th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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Question Posted: Oct 14, 2016 09:33 AM

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Sue died on May 3, 2014. On October 1, 2011, Sue gave Tom land valued at $7,013,000.

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Federal Taxation 2015 Comprehensive

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