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3.33 points Save Answ Franz established an irrevocable trust to provide income to his mother for life and the remainder interest to his son.
3.33 points Save Answ Franz established an irrevocable trust to provide income to his mother for life and the remainder interest to his son. He transferred $400,000 to the trust today. The IRS 7520 rate is 5% and his mother is age 82. What is the amount of the total taxable gifts that Franz will report on his gift tax return this year? a. $386,000 b. $100,084 c. $114,084 d. $285,916 Question 19
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Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
978-1259206955, 1259206955, 77862368, 978-0077862367
