Taxpayer owns an existing life insurance policy, which he transfers to irrevocalble life insurance trust.
Life insurance company provides the following values:
Account value: $125,000
surrender charge: $10,000
cash surrender value: $115,000
current death benefit: $ $1,000,000
for gift tax purposes, what is the amount of gift that needs to be listed on form 709?
Life insurance company provides the following values:
Account value: $125,000
surrender charge: $10,000
cash surrender value: $115,000
current death benefit: $ $1,000,000
for gift tax purposes, what is the amount of gift that needs to be listed on form 709?
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