The Randalls have a married son and four grandchildren (ages 15, 17, 18, and 19). They establish

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The Randalls have a married son and four grandchildren (ages 15, 17, 18, and 19). They establish a trust under which the income is to be paid annually to the grandchildren until the youngest reaches age 25. At that point, the trust terminates and the principal (corpus) is distributed to the son. What annual gift tax exclusions are allowed, if any, on the creation of the trust?
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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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