30. D died in Year 1 with the following: Bank Account in D's name $3,000,000 FMV A lottery ticket which entitled the ticket owner to $12,000,000 FMV of the 15 payments. receive $1 million a year for 20 years. D purchased the ticket 5 years ago and there were 15 years of payment left. The right to receive income for life from a trust $5,000,000 (FMV of Trust) established by D's spouse as a QTIP trust. Remainder to D's children. The right to receive income for life from a trust $4,000,000 (FMV of Trust) established by D's uncle with remainder to D's children. The possibility of receiving $2,000,000 from D's $1,000,000 (FMV of the possibility of receiving employer for work performed prior to death, if the $2,000,000) certain financial benchmarks were satisfied. The right to receive income for 10 more years $4,000,000 (FMV of the income interest for 10 (until Year 10) from a Trust with $8,000,000 of years) assets, which D established 5 years ago. The remainder (value of trust after 10 years) to D's children What is D's Gross Estate (based solely on the above)? 31. D created an irrevocable trust on January 1, 2020.D transferred assets worth $2,000,000 to the trust. The terms of the trust were that would receive $500,000 yearly payment for 4 years. At the end of 4 years, the trust would terminate and the remainder would be distributed to D's child. Assuming the interest rate (87520) is 5% at all times. a. Has D made a taxable gift? If so, in what amount? b. Would your answer to (a) change, if in fact the FMV of the trust were $1,500,000 at the end of 4 years? 30. D died in Year 1 with the following: Bank Account in D's name $3,000,000 FMV A lottery ticket which entitled the ticket owner to $12,000,000 FMV of the 15 payments. receive $1 million a year for 20 years. D purchased the ticket 5 years ago and there were 15 years of payment left. The right to receive income for life from a trust $5,000,000 (FMV of Trust) established by D's spouse as a QTIP trust. Remainder to D's children. The right to receive income for life from a trust $4,000,000 (FMV of Trust) established by D's uncle with remainder to D's children. The possibility of receiving $2,000,000 from D's $1,000,000 (FMV of the possibility of receiving employer for work performed prior to death, if the $2,000,000) certain financial benchmarks were satisfied. The right to receive income for 10 more years $4,000,000 (FMV of the income interest for 10 (until Year 10) from a Trust with $8,000,000 of years) assets, which D established 5 years ago. The remainder (value of trust after 10 years) to D's children What is D's Gross Estate (based solely on the above)? 31. D created an irrevocable trust on January 1, 2020.D transferred assets worth $2,000,000 to the trust. The terms of the trust were that would receive $500,000 yearly payment for 4 years. At the end of 4 years, the trust would terminate and the remainder would be distributed to D's child. Assuming the interest rate (87520) is 5% at all times. a. Has D made a taxable gift? If so, in what amount? b. Would your answer to (a) change, if in fact the FMV of the trust were $1,500,000 at the end of 4 years