Current taxable on gifts, Total 2008 gift of life insurance

Current taxable on gifts

Reference no: EM1310196

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 calculate the tax on the total cumulative gifts of 1,548,000? The answer is given to us which are 577,400 but we need to show how we got to that answer.

Reference no: EM1310196

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