What are the tax savings from making the election

Reference no: EM13129723

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, has 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?

Reference no: EM13129723

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