John made $3,400,000 in taxable gifts prior to his death at the beginning of 2017. His wife, Lola, is the executor of John's estate, and made taxable gifts of $800,000 prior to 2017. What is the maximum amount of taxable lifetime gifts that Lola can make in 2017 before she will have to begin paying a gift tax?

Question

Quizplus · Accepted Answer

($5,490,000 - $3,400,000) + ($5,490,000 - $800,000) = $6,780,000.

John Made $3,400,000 in Taxable Gifts Prior to His Death