Question
In December of 2018 , Jack made a gift of $2,000,000 to Suzy. At the same time in December of 2018 , Jack also transferred
- In December of 2018, Jack made a gift of $2,000,000 to Suzy.
At the same time in December of 2018, Jack also transferred his existing $1,000,000 term life insurance policy into an irrevocable trust of which Suzy is the beneficiary. This was a term LI policy; the cost of the 2018 premium was $15,000.
Were there taxable gifts? If yes, what is the amount of the taxable gifts to be reported on the gift tax return?
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Expert Systems In Auditing
Authors: J C Van Dijk, Paul Williams, Michael P. Cangemi
1st Edition
1349124761, 978-1349124763
