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.

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