Fred creates an irrevocable trust with $1 million in cash, income payable to Terri (age 13) for
Question:
Fred creates an irrevocable trust with $1 million in cash, income payable to Terri (age 13) for 10 years, remainder to Madison (age 30). The appropriate IRS Table B for a term certain remainder factor is .613913 (for 10 years) and .231377 (for 30 years).
a. What is Fred’s gift to Terri?
b. Does the gift qualify for the annual exclusion?
c. If Madison is Fred’s wife, does the gift to her generate a marital deduction?
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A 386087 but see part b The 10year income interest fo...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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