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 $130,000 life insurance policy on Meg's life. The
beneficiary designation is not irrevocable.
Meg deposits $60,000 cash into a checking account in the joint names of herself and Joe, who
deposits nothing to the account. Later that year, Joe withdraws $11,000 from the account.
Meg pays $32,000 of nephew Norton's medical expenses directly to County Hospital.
Meg transfers the title to land valued at $95,000 to Keira.
Amount of Taxable Gifts
What is the gift tax liability with respect to Meg's 2013 gifts?
First, compute the cumulative taxable gifts.
Select the labels, then enter the amounts and compute Meg's gift tax liability with respect to 2013 gifts
Tax at current rates on the cumulative taxable gifts