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D and K are married (30% tax rate). Assume their Adjusted Gross Income is $200,000 in each year, and that they always have at least 25,000 in itemized deductions from Mortgage Interest. Before this problem, neither has made any gifts. State the tax consequences (even if it's just a decreased lifetime exclusion) for the following scenarios. Assume 15k Annual, 10m lifetime. 1) 8/18/2022: D and K give a gift to K's sister Deb. They give her a house in Big Bear worth $1,030,000 (basis same since they bought it yesterday). 2) 2/2/2023: D and K give each member of D's Fall 2021 class (20 students) a gift of $16,000 (16k for each one not in total). 3) 1/12/2042: D and K give 1,000,000 to endow the professorship at Harvard University 4) 8/18/2087: D and K die and leave everything (Land with and FMV of 20,000,000 and a Basis of 5,000,000) to D Jr. from above. 5) What is D Jr.'s basis in the land (from 4 above)? D and K are married (30% tax rate). Assume their Adjusted Gross Income is $200,000 in each year, and that they always have at least 25,000 in itemized deductions from Mortgage Interest. Before this problem, neither has made any gifts. State the tax consequences (even if it's just a decreased lifetime exclusion) for the following scenarios. Assume 15k Annual, 10m lifetime. 1) 8/18/2022: D and K give a gift to K's sister Deb. They give her a house in Big Bear worth $1,030,000 (basis same since they bought it yesterday). 2) 2/2/2023: D and K give each member of D's Fall 2021 class (20 students) a gift of $16,000 (16k for each one not in total). 3) 1/12/2042: D and K give 1,000,000 to endow the professorship at Harvard University 4) 8/18/2087: D and K die and leave everything (Land with and FMV of 20,000,000 and a Basis of 5,000,000) to D Jr. from above. 5) What is D Jr.'s basis in the land (from 4 above)

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