Indicate by a T if the following results in a taxable gift and an N if it does not result in a taxable gift.
-Corky transferred ownership of a $50,000 life insurance policy with a $5,000 cash surrender value to his wife.

Question

Quizplus · Accepted Answer

Transferring ownership of a life insurance policy to one's spouse does not result in a taxable gift due to the unlimited marital deduction provision in the U.S. tax code, which allows for unlimited tax-free transfers between spouses.

Indicate by a T If the Following Results in a Taxable