John Henderson's will provides for the creation of a trust for the benefit of Holly Jones. Under

Question:

John Henderson's will provides for the creation of a trust for the benefit of Holly Jones. Under the specific terms, the trust is required to distribute to Holly $50,000 cash and 1,000 shares of IBM stock when she reaches 25 years of age, $60,000 cash and 1,200 shares of Xerox when she reaches 30 years of age, $30,000 cash and 2,000 shares of General Motors stock when she reaches 35 years of age, and $100,000 cash and 500 shares of DuPont stock when she reaches 40 years of age. Which if any of these items qualify for exclusion as a specific legacy or bequest?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

Question Posted: