In 2006,Mario transferred several assets by gift to different persons.Mario dies in 2008.Information regarding the properties given is summarized below.

The transfer of the land and the stocks and bonds resulted in a total gift tax of $60,000.As to these transactions,Mario's gross estate must include:

Question

In 2006,Mario transferred several assets by gift to different persons.Mario dies in 2008.Information regarding the properties given is summarized below.

The transfer of the land and the stocks and bonds resulted in a total gift tax of $60,000.As to these transactions,Mario's gross estate must include:

Quizplus · Accepted Answer

Under § 2035 the gross estate must include $260,000 for the insurance proceeds ($200,000)plus the "gross-up" for the gift tax paid ($60,000).The other post-1976 taxable gifts are added to the taxable estate.

In 2006,Mario Transferred Several Assets by Gift to Different Persons