Fred is very generous. During the current year he made gifts as described below. In the case
Question:
Fred is very generous. During the current year he made gifts as described below. In the case of each gift, state whether any portion of the gift constitutes a present interest for purposes of § 2503(b), thereby qualifying for the annual per donee exclusion. (e) Fred transferred $40,000 to the Wilfong Trust. A bank is the trustee,and the trust is to last for 12 years. The trust instrument provides that one-half of the trust income must be paid to Ernest each year .The trustee has discretion to distribute to Ernest the other one-half of the income, as well as any or all of the principal. Upon termination of the trust, the principal and accumulated income are to be paid to Edgar
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill