In 2013, Lilly Makes Taxable Gifts Aggregating $5

question 80

Essay

In 2013, Lilly makes taxable gifts aggregating $5.25 million. Her only other taxable gifts amount to $1 million, all of which were made in 1998. What is her gift tax liability?

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Definitions:

Pointing Device

A hardware input device, such as a mouse or trackpad, used to interact with and control a computer by pointing, clicking, and dragging on-screen objects.

Electronic Components

Basic physical entities in electronic systems used to affect electrons or their associated fields.

Mechanical Components

Parts or elements that are part of a larger mechanical system, each serving a specific mechanical function.

Software

General term for the programs and operating information used by a computer.