For each client, indicate by selecting from the option list provided whether the transfer of cash, the income interest, or the remainder interest is a gift of present interest, a gift of a future interest, or a gift that has not been completed. Each choice may be used once, more than once, or not at all.

Situation	Answer
Powell created a $500,000 trust that provided his mother with an income interest for her life, with the remainder to Powell's sister. Powell expressly retained the power to revoke both the income interest and the remainder interest at any time.
1. The income interest at the trust's creation
2. The remainder interest at the trust's creation
Kim created a $100,000 trust to provide her nephew with the income interest until he reaches 45 years of age. When the trust was created, Kim's nephew was 25. The income distribution is to start when Kim's nephew reaches age 29. After Kim's nephew reaches the age of 45, the remainder interest is to go to Kim's niece.
3. The income interest
\During 2020, Lee, an unmarried taxpayer, made a $14,000 cash gift to his son in May and a $15,000 cash gift to him in August.
4. The cash transfers
During 2020, Allen transferred property worth $20,000 to a trust, with the income to be paid to his 22-year-old niece Kendra. After Kendra reaches the age of 30, the remainder interest is to be distributed to Allen's brother. The income interest is valued at $9,700, and the remainder interest is valued at $10,300.
5. The income interest
6. The remainder interest
Tim and Audrey Smith, U.S. citizens, were married for the entire 2020 calendar year. Tim gave a $40,000 cash gift to his uncle, Tony. The Smiths made no other gifts to Tony in 2020. Tim and Audrey each signed a timely election stating that each made one-half of the $40,000 gift.
7. The cash transfer
Hamilton created a $1 million trust that will provide his brother with an income interest for 10 years, after which the remainder interest will pass to Hamilton's sister. Hamilton retained the power to revoke the remainder interest at any time. The income interest is valued at $600,000.
8. The income interest
9. The remainder interest