During 2013, Blake transferred a corporate bond with a face amount and fair market value of $20,000
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Question:
amount and fair market value of $20,000 to a trust for the benefit
of her sixteen-year old child. Annual interest on this bond is
$2,000, which is to be accumulated in the trust and distributed to
the child on reaching the age of twenty-one. The bond is then to
be distributed to the donor or her successor-in-interest in liquidation
of the trust. Present value of the total interest to be received
by the child is $8,710. The amount of the gift that is excludable
from taxable gifts is
$20,000$14,000$ 8,710$0
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