In the current year, Louise makes the transfers described below to Lance, her husband, age 47. Assume
Question:
a. In June, she gives him land valued at $45,000.
b. In October, she gives him a 12-year income interest in a trust with a bank named as trustee. She names their daughter to receive the remainder interest. She funds the irrevocable trust with $400,000 in assets.
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Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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