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Using property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The gift takes place in 2011. Neither Myrna nor her husband, Greg, have made any prior taxable gifts. Determine the gift tax liability if: a.The § 2513 election to split gifts is not made. b.The § 2513 election to split gifts is made. c.What are the tax savings from making the election?

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Category:- Accounting Basics
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