In 2018, Bert Richards transferred a ($ 100,000) savings account to his wife in trust. The terms
Question:
In 2018, Bert Richards transferred a \(\$ 100,000\) savings account to his wife in trust. The terms of the trust are that income is to be distributed annually to his wife, Mary Beth, the remainder to his two children, Oscar and Bertha, in equal shares or to their estate. The value of Mary Beth's income interest is \(\$ 50,000\).
a. Is this a taxble gift to Mary Beth?
b. Have taxable gifts been made for Oscar and Bertha?
c. How many annual exclusions are available?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a Yes this transfer is considered a taxable gift to Mary Beth The value of her income inter...View the full answer
Answered By
Joan Gakii
I'm a meticulous professional writer with over five years writing experience. My skill set includes
- Digital Content,
- Interpersonal Communication,
- Web Content and academic Writing,
- Proofreading,
- Editing,
- Project Management, and
- Public Relations.
7+ Reviews
12+ Question Solved
Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
Question Posted:
