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In 2012, Loretta makes a taxable gift of $2 million to her granddaughter, Bertha.

In 2012, Loretta makes a taxable gift of $2 million to her granddaughter, Bertha. Presuming that Loretta used up both her unified transfer tax credit and her generation- skipping transfer tax credit, how much tax does Loretta owe as a result of the transfer?

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The unified transfer tax credit is available against both lifetime gift tax liabilities and the estate
tax liability.
The GST tax is a flat-rate tax. The rate is set at the highest estate tax rate,...

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