Business, 22.07.2020 20:01, nauticatyson9

Using property she inherited, Myrna makes a 2019 gift of $16,200,000 to her adult daughter, Doris. Neither Myrna nor her husband, Greg, has made any prior taxable gifts. Assuming that a flat 40% tax rate applies, determine the Federal gift tax liability if (a) the election to split gifts is not made and (b) the election to split gifts is made. (c) What are the tax savings from making the election

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Using property she inherited, Myrna makes a 2019 gift of $16,200,000 to her adult daughter, Doris. N...