Question
Use the following information to answer the question below: Total 2008 gift of life insurance policy: $72,000 Annual exclusions: $24,000 (2 donees at $12,000) Current
Use the following information to answer the question below:
Total 2008 gift of life insurance policy: $72,000
Annual exclusions: $24,000 (2 donees at $12,000)
Current taxable gifts: $48,000
Prior taxable gifts: $1,500,000
Cumulative gifts: $1,548,000
Calculate the tax on the total cumulative gifts of $1,548,000.
Step by Step Solution
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The gift tax is a tax on assets property or money that is transf...
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
