Marilynn died on May 3, 2013. On October 1, 2010, Marilynn gave Dan land valued at $2,450,000.
Marilynn died on May 3, 2013. On October 1, 2010, Marilynn gave Dan land valued at $2,450,000. Marilynn applied a unified credit of $330,800 against the gift tax due on this transfer. On Marilynn's date of death the land was valued at $2.8 million. Amount of Annual Gift Period Exclusion per Donee 2002-2005 $11,000 2006-2008 $12,000 2009-2012 $13,000 2013 $14,000 a. With respect to this transaction, what amount was included in Marilynn's gross estate? b. What is the amount of Marilynn's adjusted taxable gifts attributable to the 2010 gift?
Content
Marilynn died on May 3, 2013. On October 1, 2010, Marilynn gave Dan land valued at $2,450,000. Marilynn applied a unified credit of $330,800 against the gift tax due on this transfer. On Marilynn's date of death the land was valued at $2.8 million.
Amount of Annual Gift
Period
Exclusion per Donee
2002-2005
$11,000
2006-2008
$12,000
2009-2012
$13,000
2013
$14,000
a. With respect to this transaction, what amount was included in Marilynn's gross estate?
b. What is the amount of Marilynn's adjusted taxable gifts attributable to the 2010 gift?
