?Fred creates an irrevocable trust with $$1,675,000$ ?in cash, income payable to Terri $($age $15)$ ?for $10$ ?years, remainder to Madison $($age $55).$ ?The appropriate IRS valuation table factor for a term certain reflects a remainder is $0\mathrm{.}68481($for $10$ ?years$)$ ?and $0\mathrm{.}258336($for $55$ ?years$).$

If required, round your answer to the nearest dollar.

Question Content Area

a$.$ ? How much is Fred's gift to Terri?

b$.$ ? Does the gift qualify for the annual exclusion?

If the trust income

can or cannot

?be accumulated but

must or must not

?be distributed currently, the annual exclusion is available.

Question Content Area

c$.$ ? If Madison is Fred's wife, does the gift to her generate a marital deduction?

Yes or No Fred creates an irrevocable trust with $$1,675,000$ ?in cash, income payable to Terri $($age $15)$ ?for $10$ ?years, remainder to Madison $($age $55).$

The appropriate IRS valuation table factor for a term certain reflects a remainder is $0\mathrm{.}68481($for $10$ ?years$)$ ?and $0\mathrm{.}258336($for $55$ ?years$).$

If required, round your answer to the nearest dollar.

a$.$ ?How much is Fred's gift to Terri?

$

b$.$ ?Does the gift qualify for the annual exclusion?

If the trust income

be accumulated but

be distributed currently, the annual exclusion is available.

c$.$ ?If Madison is Fred's wife, does the gift to her generate a marital deduction?