Solved: No taxable gifts had been made in any prior years what is, Accounting Basics

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No taxable gifts had been made in any prior years what is

Question - During 2015, Lavoy made taxable gifts (i.e., any annual exclusion(s) have been subtracted) totaling $7 mil., all of which were made to grandchildren. Lavoy's children were still alive when these gifts were made. No taxable gifts had been made in any prior years. What is the total transfer tax (i.e., gift tax and/or GST) due with respect to these gifts?

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Accounting Basics: No taxable gifts had been made in any prior years what is

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