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?

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When Devon creates an irrevocable trust and transfers 2000000 to Friendly National Bank as Trustee it constitutes a gift for gift tax purposes The gif... View full answer

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