John made $3,400,000 in taxable gifts prior to his death at the beginning of 2019.His wife, Lola, is the executor of John's estate, and made taxable gifts of $800,000 prior to 2019.What is the maximum amount of taxable lifetime gifts that Lola can make in 2019 before she will have to begin paying a gift tax?

Question

Quizplus · Accepted Answer

The lifetime gift tax exemption for 2019 was $11.4 million per person. Lola has already made $800,000 in taxable gifts, so she can make an additional $10.6 million in taxable gifts before exceeding the exemption and having to pay gift tax.

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