Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.
In 2013, Meg, a widow, engages in the following transactions. Only two of the transactions are taxable gifts. Meg names Lois the beneficiary of a...
Meg names Lois the beneficiary of a $130,000 life insurance policy on Meg's life. The beneficiary designation is not irrevocable. ($0
First, compute the cumulative taxable gifts.
Items (select all that apply, leave those that don't blank)
1974 taxable gifts
1998 taxable gifts
2013 taxable gifts
gift tax rate
unified credit available
Cumulative taxable gifts: ________
Tax at current rates on the cumulative taxable gifts
Minus: Tax at current rates on the cumulative taxable gifts through prior period
Gross tax on taxable gifts made in the current year
Minus: Unified credit available
Tax liabilityMeg's current gifts = $11000 + $95000Her taxable gifts are ($106,000 - $14,000) $106,000$92,000 Gift Tax LiabilityTax on ($700,000 + $1,050,000 + $106,000)Tax at current rates on the cumulative...