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Ths is a question about Gifting in my Wills Trusts and Estates class. Warren Buffett...

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Accounting

Ths is a question about Gifting in my Wills Trusts and Estates class.

Warren Buffett wants to make a $1,000,000 gift to his great grandson, Jimmy Buffett during his lifetime. Suppose Warren has not made any other gifts during his lifetime. After making this gift, how much does Mr. Buffett have left in his lifetime exclusion?

Suppose Mr. Buffett has already used his lifetime unified credit. How much gift tax will he have to pay after making the $1,000,000 gift?

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