Answered: On what amount is the Federal gift tax…

Business

Accounting

On what amount is the Federal gift tax computed for the 2021 gift?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Elizabeth made taxable gifts of $6,750,000 in 2019 and $8,775,000 in 2021. She paid no gift tax on the 2019 transfer.

On what amount is the Federal gift tax computed for the 2021 gift?

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