A widow has been making annual gifts to her three children in the amount of...
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Accounting
A widow has been making annual gifts to her three children in the amount of $58,095 each, for the past 8 years. Assume the annual gift tax exclusion was $14k throughout that period. By how much has her lifetime estate tax exemption been reduced as a result of this activity?
THE CORRECT ANSWER IS 1,058,280 . LOOKING FOR THE CORRECT FORMULA
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