Quinn made a taxable gift of a $4,500,000 home (after his annual exclusion)to his daughter in 2009.In December of the current year,Quinn made taxable gifts totaling $8,000,000 (after annual exclusions).What is Quinn's gift tax in 2015 if these are the only years in which he made taxable gifts?

Question

Quizplus · Accepted Answer

Tax on prior taxable gifts: ([$3,500,000 x .4] + $345,800 - $345,800)= $1,400,000; taxon cumulative gifts: ([$11,500,000 x .40] + $345,800 - $2,117,800 = $2,828,000.Alternative calculation: ($12,500,000 - $5,430,800)x .4 = $2,828,000.$2,828,800 - $1,400,000 = $1,428,800.

Quinn Made a Taxable Gift of a $4,500,000 Home (After