G creates a trust, income to be accumulated until G's son, S, is 21, at which...
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G creates a trust, income to be accumulated until G's son, S, is 21, at which time accumulated income and corpus is to be distributed to S or S's estate. A) What other terms are necessary to qualify the transfer for the exclusion? B) If all necessary terms were in the trust documents, and the trustee was empowered to expand income or corpus only for S's support, would the exclusion be available? C) Would the exclusion be available if the trust were to terminate when S reached 25 and S had the right to demand the corpus and accumulated income at age 21? D) Would the exclusion be available if corpus and accumulated income were payable to S at age 18? E) Would the exclusion be available if only accumulated income are payable to S at age 21? G creates a trust, income to be accumulated until G's son, S, is 21, at which time accumulated income and corpus is to be distributed to S or S's estate. A) What other terms are necessary to qualify the transfer for the exclusion? B) If all necessary terms were in the trust documents, and the trustee was empowered to expand income or corpus only for S's support, would the exclusion be available? C) Would the exclusion be available if the trust were to terminate when S reached 25 and S had the right to demand the corpus and accumulated income at age 21? D) Would the exclusion be available if corpus and accumulated income were payable to S at age 18? E) Would the exclusion be available if only accumulated income are payable to S at age 21?
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Answer rating: 100% (QA)
There are a few other terms that are necessary to qualify the transfer for the exclusion The first is that the trust must be irre voc able This means ... View the full answer
Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
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