Election to Split Gifts (A?§ 2513) (LO. 5) Using property she inherited, Myrna makes a gift of $6,2

Election to Split Gifts (A?§ 2513) (LO. 5)

Using property she inherited, Myrna makes a gift of $6,200,000 to her adult daughter, Doris. The gift takes place in 2013. Neither Myrna nor her husband, Greg, has made any prior taxable gifts.

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a. If the A?§ 2513 election to split gifts is not made, the taxable gift is $  and gift tax due on the gift is $ .

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b. If the A?§ 2513 election is made, then the taxable gift from Myrna is $  and from Greg is $ . Gift tax due from Myrna is $  and from Greg is $ .

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Partially Correct

c. The tax savings from making the election is $ .

 

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