Assume the same facts as in problem 1 alice dies in 2016


Question - Alice made no gifts prior to 2011. In 2011 Alice gave her daughter, Agnes, a cash gift of $513,000. In 2012 Alice gave Emily a cash gift of $5,513,000. How much gift tax, if any, does Alice owe with respect to each gift?

Assume the same facts as in problem 1. Alice dies in 2016 with a taxable estate of $2,000,000. How much estate tax if any, is owed by reason of Alice's death?

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Accounting Basics: Assume the same facts as in problem 1 alice dies in 2016
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