1. On 1 July 2014, Sameer made a cash gift of 2,500 to his sister. On 1 May 2015, he made a cash gift of 2,000 to a friend. On 1 June 2015, he made a cash gift of 50,000 to a trust. Sameer has not made any other lifetime gifts. In respect of Sameer's cash gift of 50,000 to the trust, what is the lifetime transfer of value for inheritance tax purposes after taking account of all available exemptions? A. 48,500 B. 44,000 C. 46,000 D. 46,500