Answer:
the total amount of the taxable gifts is $385,000
Explanation:
The computation of the total amount of the taxable gifts is shown below:
= (The value of the estate - annual exclusion amount) + (transferred amount - The value of the estate)
= ($72,000 - $15,000) + ($400,000 $72,000)
= $385,000
hence, the total amount of the taxable gifts is $385,000
This is the correct answer but the same is not provided in the given options
We simply applied the above formula so that the correct value could come
And, the same is to be considered
