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Hi i want to know if those are correct or no Problem 18-44 (L For each scenario, indicate whether Federal estate and gift tax consequences
Hi i want to know if those are correct or no
Problem 18-44 (L For each scenario, indicate whether Federal estate and gift tax consequences "Occurred" or "Did not occur". In all cases, assume Gene and Mary are married and that Tanisha is their daughter. Occurred a. Mary purchases an insurance policy on Gene's life and designates Tanisha as the beneficiary. Mary dies first, and under her will, the policy passes to Gene. Did not occur b. Gene purchases an insurance policy on Mary's life and designates Tanisha as the beneficiary. Tanisha dies first one year later. Did not occur c. Gene purchases an insurance policy on his life and designates Mary as the beneficiary. Gene dies first, and the policy proceeds are paid to Mary Step by Step Solution
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