Jones is seriously ill and has 6 million of property that

Reference no: EM13596606

Jones is seriously ill and has $6 million of property that he wants to leave to his four children. He is considering making a current gift of the property (rather than leaving the property to pass through his will). Assuming any taxable transfer will be subject to the highest transfer tax rate, determince how much gift tax Jones will owe if he makes the transfers now. How much estate tax under the 2011 rate schedule and undified credit will Jones save if he dies after three years, during which time the property appreciates to $6.8 million?

Reference no: EM13596606

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