Using property she inherited, Myrna makes a 2017 gift of $6,200,000 to her adult daughter,...
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Accounting
Using property she inherited, Myrna makes a 2017 gift of $6,200,000 to her adult daughter, Doris. Neither Myrna nor her husband, Greg, have made any prior taxable gifts.
Click here to access the tax tables to use for this problem.
If an amount is zero, enter "0".
a. If the election to split gifts is not made, the taxable gift is $____ and gift tax due on the gift is $____.
b. If the election is made, then the taxable gift from Myrna is $____ and from Greg is $____. Gift tax due from Myrna is $____ and from Greg is $____.
c. The tax savings from making the election is $_____.
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