Tony and Gail are married with children. Tony has also made the following gifts: On $ to each of his children of his separate property assuming the annual exclusion was k in the gift tax equivalent was m Tonly also gave on $ to each of his children. the annual exlusion at the time was k the gift tax credit equivalent was Gail has never made any taxable gifts and has not agreed to split any of Tony\'s separate property gifts. Tonys grandson Philip, Berties youngest child, was born with a serious physical disability. To provide additional support for Philip, Tony created an irrevocable trust with a $ transfer on January The trust met the requirements of IRC Section b At the time of the transfer the GST exemption was $ the GST rate was percent, and the annual exclusion was $ In the gift tax credit equivalent was $

Assuming the facts given and that Tony died on July answer the following questions. Use the gift and estate rates and exclusions at the time of any transfer. Use exclusions, credits, and tax rate for the estate tax. Calculate the gift tax and GSTT consequences of the gift to Philip made on January