In 2005, using $2.5 million in community property, Quinn creates a trust, life estate to his wife,

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In 2005, using $2.5 million in community property, Quinn creates a trust, life estate to his wife, Eve, and remainder to their children. Quinn dies in 2009 when the trust is worth $3.6 million, and Eve dies in 2012 when the trust is worth $5.6 million.
A.) Did Quinn make a gift in 2005? Explain.
B.) How much, if any, of the trust is included in Quinn’s gross estate in 2009?
C.) How much, if any, of the trust is included in Eve’s gross estate in 2012?

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a Yes Quinn made a gift of a life estate and remainder interest in 1...View the full answer

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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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Question Posted: Sep 19, 2013 03:00 AM

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In 2005, using $2.5 million in community property, Quinn creates a trust, life estate to his wife,

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a Yes Quinn made a gift of a life estate and remainder interest in 1...View the full answer

South Western Federal Taxation 2015

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