ACC 405-In 2013, Meg, a widow, engages in the following transactions

a.Meg names Lois the beneficiary of a $130,000 life insurance policy on Meg's life. The beneficiary designation is not irrevocable. ($0 amount of completed gift)

b. 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. ($11,000 amount of completed gift)

c. Meg pays $32,000 of nephew Norton's medical expenses directly to County Hospital. ($0 amount of completed gift)

d. Meg transfers the title to land valued at $95,000 to Keira. ($95,000 amount of completed gift)

Prior Gifts:

1974 $700,000

1988 $1,050,000

?First, compute the cumulative taxable gifts.

Items (select all that apply, leave those that don't blank)

1974 taxable gifts

1998 taxable gifts

2013 taxable gifts

exclusion amount

gift tax rate

unified credit available

Cumulative taxable gifts: ________

Select the? labels, then enter the amounts and computeMeg?'sgift tax liability with respect to2013gifts.

Tax at current rates on the cumulative taxable gifts

Minus: Tax at current rates on the cumulative taxable gifts through prior period

Gross tax on taxable gifts made in the current year

Minus: Unified credit available

Tax liability