In 2020, Lilly makes taxable gifts aggregating $12 million after annual exclusion reduction. Her only other taxable gifts amount to $1 million (after annual exclusion amounts), all of which were made in 2018. What is her gift tax liability?

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The Answer of In 2020, Lilly makes taxable gifts aggregating $12 million after annual exclusion reduction. Her only other taxable gifts amount to $1 million (after annual exclusion amounts), all of which were made in 2018. What is her gift tax liability?

In 2020, Lilly Makes Taxable Gifts Aggregating $12 Million After