Question: Devon creates an irrevocable trust by transferring $2,000,000 to Friendly National Bank as Trustee to pay the income to Devon during his life and the

Devon creates an irrevocable trust by transferring $2,000,000 to Friendly National Bank as Trustee to pay the income to Devon during his life and the remainder to Amanda. Devon and Amanda are unrelated. a. What are the gift tax consequences on creation of the trust? Assume that Devon was 65 when he created the trust, that the value of the income interest was $1,200,000, and that the value of the remainder interest was $800,000

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