David placed $80,000 in trust with income to Steve for his life and the remainder to Lil

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David placed $80,000 in trust with income to Steve for his life and the remainder to Lil (or her estate). At the time of the gift, given the prevailing interest rate, Steve's life estate was valued at $65,000 and the remainder at $15,000. What is the amount, if any, of David's taxable gifts?
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Taxation Of Individuals And Business Entities 2015

ISBN: 9780077862367

6th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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