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Determine the Federal gift tax liability

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Problem - Using property she inherited, Myrna makes a gift of $16.2 million to her adult daughter, Doris. Neither Myrna nor her husband, Greg, has 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?

Reference no: EM132650851

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