Using property she inherited myrna makes a gift of 6200000, Ask an Expert

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Using property she inherited, Myrna makes a gift of $6,200,000 to her adult daughter, Doris. The gift takes place in 2016. Neither Myrna nor her husband, Greg, have made any prior taxable gifts.

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a. If the § 2513 election to split gifts is not made, the taxable gift is $and gift tax due on the gift is $.

b. If the § 2513 election is made, then the taxable gift from Myrna is $and from Greg is $. Gift tax due from Myrna is $and from Greg is $.

c. The tax savings from making the election is $.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92047767

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