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What are the tax savings from making the election

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Reference no: EM131821951

Question - 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: EM131821951

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