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What is the gift tax due if there is no split made

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Reference no: EM132462367

Problem - Using property she inherited, Myrna makes a 2019 gift of $16,200,000 to her adult daughter, Doris. Neither Myrna nor her husband, Greg, have made any prior taxable gifts.

Assuming that a flat 40% tax rate applies.

The unified transfer credit exclusion for 2019 is $11,400,000.

Required - What is the gift tax due if there is no split made?

Reference no: EM132462367

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