Total 2008 gift of life insurance policy is 72000. annual, Ask an Expert

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Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (2 donees at 12,00). Current taxable gifts equal 48,000. Prior taxable gifts are 1,500,000. Cumulative gifts equal 1,548,000. How do I find out the tax on the total cumulative gifts of 1,548,000? The answer is given to us which is 577,400 but we need to show how we got to that answer. Please help.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947110

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