Use the following information to answer the question below: Total 2008 gift of life insurance policy: $72,000

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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.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Posted Date: Aug 31, 2021 04:25 PM

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Use the following information to answer the question below: Total 2008 gift of life insurance policy: $72,000

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The gift tax is a tax on assets property or money that is transf... View the full answer

Intermediate Accounting

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