In 2013, Meg, a widow, engages in the following transactions.

In 2013​, Meg​, a​ widow, engages in the following transactions. Only two of the transactions are taxable gifts.

Amount of

Transactions

completed gift

a.

Meg names Lois the beneficiary of a $130,000 life insurance policy on Meg's life. The

$0

beneficiary designation is not irrevocable.

b.

Meg deposits $60,000 cash into a checking account in the joint names of herself and Joe, who

$11,000

deposits nothing to the account. Later that year, Joe withdraws $11,000 from the account.

c.

Meg pays $32,000 of nephew Norton's medical expenses directly to County Hospital.

$0

d.

Meg transfers the title to land valued at $95,000 to Keira.

$95,000

PrintDone

Year

Amount of Taxable Gifts

1974

$700,000

1998

1,050,000

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