Russell gives his father $15,000 for the purpose of buying long-term care insurance. The $15,000: can be taxed at a rate of 7.5% cannot be taxed, as it is a gift cannot be taxed if it is applied within 30 days to the cost of coverage can be taxed, as it is a gift over $11,000

Russell gives his father $15,000 for the purpose of buying long-term care insurance. The $15,000: can be taxed at a rate of 7.5% cannot be taxed, as it is a gift cannot be taxed if it is applied within 30 days to the cost of coverage can be taxed, as it is a gift over $11,000