Walter makes a gift during the current year to an irrevocable trust. The trust is an accumulation trust and the trust beneficiaries are not entitled to make a demand for any principal or income for a period of years. There are five beneficiaries of the trust and one trustee. During the current year Walter contributed $50,000 to the trust, none of which could a beneficiary receive during the current year. 

How many annual exclusions can Walter claim for gift tax purposes?  

Answer rating: 100% (QA)

Answer Walter cannot claim any annual exclusions for gift tax purposes this year Heres why ... View the full answer