recognition of transactions treated as gifts and calculation of gift tax 459415

In the current year, Emily, a widow, engages in the following transactions. Determine the amount of the completed gift, if any, arising from each of the following occurrences. (show work please)

1.

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a. Emily names Lauren the beneficiary of a $100,000 life insurance policy on Emily’s life. The beneficiary designation is not irrevocable.

b. Emily deposits $50,000 into a checking account in the joint names of herself and Matt, who deposits nothing to the account. Later that year, Matt withdraws $15,000 from the account.

c. Emily pays $22,000 of nephew Noah’s medical expenses directly to County Hospital.

d. Emily transfers the title to land calues at $60,000 to OLive.

2. Refer to the facts above and assume the current year is 2011. Emily prior gifts are as follows:

Year: 1974 Amount of taxable gifts: $500,000

Year: 1998 Amount of taxable gifts: $1,000,000

What is the gift tax liability with respect to Emily’s 2011 gifts?

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