Damitria transfers her rights in a $100,000 insurance policy on June 1 to Tremayne. The policy has a cash value of $9,000 and an interpolated...

7. Damitria transfers her rights in a $100,000 insurance policy on June 1 to Tremayne. The policy has a cash value of $9,000 and an interpolated terminal reserve of $8,500. The annual policy premium of $12,000 had been paid on January 1. Damitria's gift (before the annual gift tax exclusion) to Tremayne is a.$8,500b.$9,000c.$15,500d.$20,500

Damitria transfers her rights in a $100,000 insurance policy on June 1 to Tremayne. The policy has a cash value of$9,000 and an interpolated terminal reserve of $8,500. The annual policy premium...