June made taxable gifts as follows: $400,000 in 1973, $200,000 in 1977, $600,000 in 1985, and $700,000 in 2001. In 2013, June dies leaving a taxable estate of $4,000,000. June’s tax base for applying the unified tax rate schedules (for estate tax purposes) is:
a. $4,000,000. b. $4,500,000. c. $5,300,000. d. $5,500,000. e. None of the above.
taxable estate of $4,000,000 + post 1976 taxable gifts ( $200,000 in 1977 + $600,000 in 1985 + $700,000 in 2001 ) =
$5,500,000
option D is correct.
June made taxable gifts as follows: $400,000 in 1973, $200,000 in 1977, $600,000 in 1985, and...
in 2019, Letty makes taxable gifts totaling 600,000. Her only other taxable gifts amount to 200,000, all of which were made in 2017. What is lett's 2019 gift tax liability before the unified credit?