In 2010, 2012 and 2013, Mary Nash made substantial taxable gifts to her children. She...
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Accounting
In 2010, 2012 and 2013, Mary Nash made substantial taxable gifts to her children. She used $500,000 of her lifetime transfer tax exclusion to reduce the amount on which gift tax was owed to zero. Mary died in 2015, leaving a taxable estate of $8,000,000.
Calculate the amount of estate tax that is owed.
| $1,028,000 | ||
| $1,228,000 | ||
| $1,390,000 | ||
| $3,000,000 |
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