On September 1 of the current year, Mario irrevocably transfers a $100,000 whole life insurance policy on
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On September 1 of the current year, Mario irrevocably transfers a $100,000 whole life insurance policy on his life to Mario, Jr. as owner. On September 1, the policy’s interpolated terminal reserve is $30,000. Mario paid the most recent annual premium ($1,800) on June 1. What is the amount of the gift Mario made in the current year?
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31350 gift 30000 in...View the full answer
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Related Book For 
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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