Tax benefits of making life time gifts in excess of the gift tax annual exclusion include which of the following? l. The gift tax paid on a gift made…

Tax benefits of making life time gifts in excess of the gift tax annual exclusion include which of the following? l. The gift tax paid on a gift made more than 3 years prior to the death of the donor is not brought back into the donor’s estate. ll. Such gifts make use of the life time applicable credit amount against gift taxes which is wasted if the properly is retained until the donor’s death.