Yee made $3 million of taxable gifts in 1993 and paid gift taxes (less the unified credit) of $1,098,000. Yee died with a taxable estate of $10,000,000. At current rates, the gift taxes payable on $3 million would be $1,145,800. Yee died in a year when the unified credit was $2,045,800. Determine her estate tax liability.
What will be an ideal response?
Unified transfer tax base $13,000,000
Current tax $5,145,800
Less unified credit ($2,045,800)
Less credit for gift taxes paid ($1,145,800)
Tax liability $ 1,954,200
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