Bonnie, a widow, irrevocably transfers $1 million of property to a trust and names a bank as

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Bonnie, a widow, irrevocably transfers $1 million of property to a trust and names a bank as trustee. For as long as Bonnie’s daughter Carol is alive, Carol is to receive all the trust income annually. Upon Carol’s death, the property is to be distributed to Carol’s children. Carol is age 32 and currently has three children. How many gift tax exclusions does Bonnie receive for the transfer?

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Federal Taxation 2018 Comprehensive

ISBN: 9780134532387

31st Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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