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Exercise 18-19 (Algorithmic) (LO. 3) Elizabeth made taxable gifts of $6,850,000 in 2020 and $8,905,000...

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Accounting

Exercise 18-19 (Algorithmic) (LO. 3)

Elizabeth made taxable gifts of $6,850,000 in 2020 and $8,905,000 in 2022. She paid no gift tax on the 2020 transfer.

On what amount is the Federal gift tax computed for the 2022 gift?

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